Martin Mansergh (Tipperary South, Fianna Fail)

It has been our saving grace. It is not the Government's intention to begin using the fund for various purposes. A specific emergency has arisen and acting on it is not inconsistent with the fund's long-term purpose after 2025. It is being made available solely for the purpose of recapitalisation.

The annual 1% contribution is a substantial charge on the Exchequer by any standard. The deliberate structuring of that charge in a way that does not require ongoing parliamentary approval sends a powerful message about the intention to provide for future pension costs and our willingness to structure budgets around that provision. Changing that policy now could be seen as short-sighted and would be damaging to confidence in Ireland at a very sensitive time.