Jimmy Harte (Labour)

Senator Darragh O'Brien, who has touched on this issue on previous occasions, worked in the insurance business in a previous life, as did I, and we probably have similar views on pension funds. Basically, the amendment proposes that the Government should borrow money from private pension funds to fund infrastructure. At present, the Government cannot borrow money from anywhere except from the European Union and the IMF. Consequently, were it my pension fund, I probably would operate on the same logic as that used by the rest of the money markets, that is, until stability is achieved it would be extremely difficult to commit one's money to Ireland unless one knew the money would be repaid. At present, those who are calling for a "No" vote in the referendum are placing a risk on people's pension funds, were the latter to invest in the country. Members are aware that Ireland cannot borrow money from anywhere and this amendment essentially concerns borrowing money through a private pension fund.

Many people have private pensions and while I would welcome money coming back into the economy from pension funds, it should be for the right reasons. It should not be, as Senator Gilroy noted, on foot of being compelled to so do by a diktat that satisfies a certain constituency in the country. One should recall that such pension funds do not comprise profits from companies but are the savings of ordinary people who have worked hard all their lives. Moreover, I note that at present, many pension funds have reduced in value. It sounds extremely attractive to suggest one should put money into a green fund, although I do not know how that would be defined. At the same time, however, Sinn Féin is telling the rest of the world that while we do not want their money, we seek their private pension fund money. Consequently, I cannot agree with this amendment and I am sure the Minister will share that opinion.