John Gerard Hanafin (Fianna Fail)

I ask the Leader for a debate on pensions, particularly in the light of the announcement made yesterday. I welcome that announcement, as hundreds of thousands will be allowed to qualify for a pension. It is difficult to say who will be the best people to manage the scheme. Those involved will receive an annual statement and be directly involved in the investment. There are only three possible investments, all made from equities, property or cash. There are no further variations. It is very easy for one company to state that if it had invested in cash, it would have done very well. That may be true over a period of one or two years but over a period of 30 years equity investments have always outperformed the others. The mandatory nature of the scheme will help people and is to be warmly welcomed.

I suggest we have a debate on banking very shortly. I ask that consideration be given to bringing home from abroad some of the assets of the NTMA and putting them into the banks, with a specific reference that they be used for the purpose of providing credit. Over and above the funding the banks need, the money the NTMA has abroad should be brought home and invested in our banks with a specific reference to providing credit for businesses.