Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

I agree with the Senator. The last thing the country, the economy and private domestic consumers need is industrial unrest. I genuinely do not believe there is any serious cause for industrial unrest. The ESB pension scheme is absolutely sound. There is no comparison of any kind to be drawn with Waterford Glass and the tragic circumstances that happened there or in any other private failed pension scheme. The ESB pension scheme is one of the most robust in the country. It is not the fault of the ESB unions or the ESB management that the pensions board requirement in respect of the application of minimum funding standards has created a situation whereby a scheme that previously was in sync now has a temporary deficit, but the plan entered into between the trustees and the company will bring the fund back in sync by 2018. I am aware, of course, that judicial proceedings are pending and it is not for me to comment on what will happen in the courts. However, I honestly believe that the pension scheme is sound. I can understand why it is so important for the workers concerned but in my best judgment there is not any cause for concern or unease on their part. Everybody knows that the ESB is not going to close down on Friday evening, nor will all the employees be going out on pension at the weekend. Therefore, the concerns will not be realised.