Fidelma Healy Eames (Fine Gael) | Oireachtas source

I am very pleased to see that the debate on the report of the expert group is scheduled for this Thursday. However, in light of the amount of genuine concern on both sides of the House on this issue, I ask the Leader to arrange for the debate to continue into next week. It is absolutely critical that we give ample time to this debate. In that way, when we decide what we are going to do, we will know that we have been thorough, have given the issue sufficient attention and have not panicked. I would happy to see this debate continue into January. I also ask the Leader to consider whether this issue merits a public consultation phase, such as that given to other important topics. I look forward to the Leader's response in that regard.

Tomorrow we will have a very tough budget and it brings me no pleasure to say that. In that context, I appeal to our very wise Minister for Finance to bring us some good news concerning the pension industry. At present, Irish private sector pension funds are estimated to be worth ¤80 billion, most of which is invested overseas.

I ask the Minister for Finance, Deputy Noonan, to provide an incentive for a percentage of these funds to return to be invested in Ireland. We could invest in much needed infrastructure, such as finishing off the Luas, funding the Galway city outer bypass, water services and so on. People who have invested in private pensions may be more motivated to continue investing in their pensions when they see their money coming back and having a real impact on the Irish economy. It is really important to look at ways to stimulate the domestic economy.

We know our exports are thriving. I was in China last week and addressed the Chinese and Irish alumni of Irish universities. It is no wonder our exports are thriving. The place is buzzing. There is positive emigration to China but I want to see positivity in the domestic market and that is the reason for my proposal. I ask the Minister for Finance to make it attractive for some of the Irish private pension funds that are invested abroad to return to Ireland.