Darragh O'Brien (Fianna Fail)

Last week in the House my colleague, Senator Mark Daly, indicated that he had information to hand suggesting that, in some instances, developers were in a position to purchase back discounted loans from the National Asset Management Agency through offshore companies. On the Order of Business yesterday the Government Chief Whip, Senator Paul Coghlan, stated his view that Senator Daly had abused the privilege of the House, a charge I do not accept. The concerns expressed by Senator Daly were raised by the Taoiseach, Senator Coghlan's party leader, earlier this week. Without making any more of it, I ask that the comments made about Senator Daly be withdrawn, given that the Taoiseach shares his concerns. Moreover, this is a matter that should be examined by the House in some detail.

In Private Members' time last week we debated a motion on the flat-rate water, utility or household charge - or whatever the Government intends to call it - to be introduced next year. I was grateful to the Minister for the Environment, Community and Local Government, Deputy Phil Hogan, for making a statement to the House. He was not in attendance for the entire duration of the debate, but I understand it is not always possible for Ministers to do so. However, we on this side of the House are no clearer on what the Government intends to do on 1 January 2012. Will the Leader confirm whether a flat-rate household charge will be introduced at the beginning of next year? The Minister certainly did not make the position clear last week.

I thank the Leader for allowing additional time on Second Stage of the Finance (No. 2) Bill 2011, as it is an important Bill which will set in train the Government's jobs initiative. While I very much welcome aspects of the proposal such as the changes proposed to the rate of VAT and the travel tax, I ask all Members to consider the amendments my party has tabled to the Bill. The fundamental issue is that the jobs initiative which was initially announced as a "budget" will be paid for by a raid on ordinary workers' private pension funds through a levy of 0.6%. It excludes approved retirement funds and existing annuities which are generally the preserve of wealthier people. While I welcome the introduction of a jobs initiative and parts thereof, I absolutely abhor how it is proposed to be funded. It sets a very poor precedent in punishing the very people who are making provision for their retirement in order that they will be less of a burden on the State when they cease working. A levy of 0.6% over a four year period will, in the case of defined benefit schemes which are under ferocious pressure, lead to a reduction of 9% to 10% in pensions being paid to existing pensioners. The Minister for Finance has received a great deal of correspondence from the Pensions Board and various pension schemes asking him, if he is to proceed with the levy, to consider including approved retirement funds in order that there would be a sharing of the burden of this raid on private pension funds.