Liam Twomey (Fine Gael)

It is almost sobering listening to the Minister of State discussing this legislation. When one thinks about Osama bin Laden's claim that he would destroy the world's economy even if it took him 30 years, little did he realise that it would take the international bankers in this country and across the world a much shorter period than that to do the destruction for which he hoped. Here we are today discussing our way of digging ourselves out of this mire in which we have put ourselves.

There are two big issues: the National Pensions Reserve Fund and what it is all about, and the banks. There was a problem recognised right back in 2000 that there would be a difficulty with paying public sector pensions from 2025 onwards. When the National Pensions Reserve Fund Act 2000 was enacted so that 1% of gross domestic product would be put into this fund, the first and second benchmarking reports were still to arrive.

I remember speaking in the Dáil on a number of occasions asking that some of the funding from the National Treatment Purchase Fund be used to build hospitals, schools and roads in this country. It was pointed out to me ad nauseam by different Ministers for Finance and the Minister for Health and Children that the National Treatment Purchase Fund was not a slush fund for Government. Neither is it — I would hate to correct the Minister of State, Deputy Mansergh — a rainy day fund for the Government. It was quite clearly pointed out that the National Treatment Purchase Fund was to be used to pay public sector pensions and there was no other purpose for which it could be used.

If we are taking €4 billion out of the National Treatment Purchase Fund to invest in the banks and we are not sure what could happen with the banks yet and therefore this might not be the wisest investment,——