Brian Lenihan Jnr (Dublin West, Fianna Fail)

I had hoped that as Minister, in reflecting on amendments, I could have had a considered discussion with the pensions industry about how to structure the contribution that the pension industry should make in the national plan. We have had to stick to the original proposals because we have not had an opportunity to have an adequate dialogue with pensions industry representatives about how they could be revised. There was no question of departing from the target figure of €700 million, but I indicated on budget day that I was open to discussions which would secure the same money in an alternative way. This issue can be considered in such discussions, and I would urge that whoever takes power in the next Government, to look at that engagement quickly so that there can be a discussion with the industry about the implications of these proposals.

The reality in every budget is that governments often formulate proposals as an initial bid. If we do not have an initial bid, we will not make progress on the issues. There should be further discussion on this, but at this stage the measure must be adopted as it stands.