Joe O'Reilly (Fine Gael)

The news relating to the private pension schemes is extraordinarily serious. Many people have worked hard, put in a lifetime of effort and they are looking forward to their pensions. It is their pride and joy and their future. Many people boast about their pension schemes, which are important. If there is a threat to their pensions, this is a very serious matter. I call on the Leader to arrange an urgent debate on the issue, which would be an example of the House responding to a serious national issue. The debate should be a priority no matter how schedules are arranged or how long it would take.

The proposition that people whose pensions are about to mature should put them on hold and wait a few years must be negotiated and the Government must achieve agreement on that with private pension funds. The financial services institutions and the banks are not prepared to take their fair share of the hit in a downturn and too many of their losses are being passed on to hapless and unfortunate consumers. I would like more evidence of them sharing in the recent misfortune. Every insurance company and financial services company should take a disproportionately large hit. I call on the Leader for a debate on this issue and to ensure the Government also insists that the companies take the hit they should take. They have large property portfolios, inordinate wealth and they have paid huge dividends over the years. It is time the financial services sector came clean with the people in order that consumers are not hit anymore. It is unthinkable that the pensions of hard working people in small businesses throughout the country, to some of whom I was talking yesterday, would be at risk. The House has no greater business than an emergency debate on this very serious issue.