Marc MacSharry (Fianna Fail)

I move amendment No. 1:

To delete all words after "Seanad Éireann" and substitute the following:

acknowledges the very substantial investment in infrastructure the Government has made in electricity, including renewable energy sources, and the very substantial investment in infrastructure the Government has made in upgrading water distribution and treatment works;

expresses concern that such proposed investment under the Fine Gael plan will not yield a commercial return and would result in a depletion of the National Pensions Reserve Fund;

notes that the proposal would result in the setting up of an additional six State companies;

invites the Government to continue to invest, with due regard to the economic and budgetary challenges facing Ireland, in those infrastructure priorities that will assist economic recovery; and

invites the National Pensions Reserve Fund to continue to manage its assets with a view to making the maximum contribution to the cost of future pension liabilities in a manner that will maintain this country's commitment to long-term fiscal stability.

I welcome the Minister of State to the House and am delighted to have the opportunity to make some points on this issue. I thank Fine Gael for using their Private Members' time to bring forward these proposals. It is a positive move for us to debate this matter and that proposals are made. We may agree or disagree as to their merits but the important point is that we engage and come up with real suggestions that some people believe will make a contribution towards putting us on the road to recovery and laying down a foundation for a sustainable growth path for the future.

I have read the Fine Gael document and there are points in it that I commend. There are items I like and others I do not like. I will begin by being mildly facetious. The document bears a remarkable resemblance to the one in my hand, namely, A New Governance Structure for State Companies, an ICTU document from summer 2005 which contains the diagram seen in the Fine Gael document.