Shane Ross (Independent)

I am at a loss about a couple of issues and I ask the Minister of State for an explanation. When €7 billion has been taken from the National Pensions Reserve Fund and split evenly between Bank of Ireland and Allied Irish Banks, how much will be left in the fund? On the basis that these figures cannot be calculated daily, I ask the Minister of State for a reasonably up-to-date figure, perhaps from the previous quarter or the most recent valuation.

It is important to put this issue in perspective. Provision has been made to allocate 1% of GNP to the National Pensions Reserve Fund every year. Will the fund continue to be topped up with 1% of GNP this year, next year and in 2011 or does the Government intend to cease this practice? From where does this money come? I presume it is borrowed because I cannot think of any other source. If it is borrowed, I presume our need to borrow would reduce if we stopped paying into the fund. It would be absurd to borrow or take from any other source €1 billion to give to the National Treasury Management Agency to manage, probably at a lower return than the interest charged on the loan or, worse still, to hand over to the banks. I seek clarity on this issue. Am I correct that this is the process being proposed for the next few years?