Terry Leyden (Fianna Fail)

The Government is planning for the future. It has made plans for 2025. I am sure the Minister of State will agree there needs to be a clear commitment to the fund on the part of all parties. The Government is committed to the retention of a fund that is independent of the Government. The annual allocation of 1% of GNP to the fund now comes to €1.4 billion per annum. All parties which are contesting the next general election will have to state clearly that they will not dip into the fund to offer some goodies to the electorate before the election. I call on the leaders of all the parties which are contesting the election to confirm that the fund cannot and will not be touched.

There is €16.6 billion in the fund at present. If I recall correctly, the Fine Gael Party stated during the last general election campaign that it was prepared to take funds from the National Pensions Reserve Fund to finance current and, in particular, capital expenditure. I am open to correction in that regard — perhaps that was never the policy of the Fine Gael Party. It is important that the fund should be retained and preserved. It had a return of 5.4% during the first quarter of 2006 and it has grown to €16.6 billion, which is very impressive.

I would like to express my appreciation of the efforts of Dr. Michael Somers in managing the National Pensions Reserve Fund on behalf of the State. I join the Minister for Finance, Deputy Cowen, in complimenting the work that was done by the late Mr. Donal Geaney, who was the first chairman of the National Pensions Reserve Fund. Mr. Geaney was also a former chief executive of Elan Corporation, which provides over 500 jobs at the Monksland industrial estate in south Roscommon. The company is emerging from its recession and has a bright future. I understand that the National Pensions Reserve Fund has made some investment in this regard.

The motion submitted by the Fianna Fáil Party proposes that this House "notes the ongoing commitment of the parties in government to the National Pensions Reserve Fund which is helping to ensure future generations of the elderly will be properly provided for", "congratulates the Government for maintaining the National Pensions Reserve Fund and the payment of 1% of GNP per annum into the fund" and "welcomes the fact that in the first quarter of this year the fund earned €830 million or some 5.4% bringing its total value to €16.6 billion". I do not see any reason this good motion should be amended during this debate. I recommend that the motion, as tabled, should be accepted by Members on all sides of the House.

The amendment to the motion "condemns the Government on its failure to make the system of public private partnerships work, leaving the NPRF management unable to invest in vitally important infrastructure". The Minister made it clear that the fund has had no effect on public private partnerships.