Sean Barrett (Independent) | Oireachtas source

We had a good debate with the Minister of State, Deputy Kathleen Lynch, when she was in the House and it probably went against her grain to bring in such legislation. The Europeans designed a currency which has caused us untold misery. Tugging the forelock to what is in a European directive is not necessary. If we could do it more sensibly, would the Minister not take a look at the measures we have to prevent pension funds taking a well-beaten track to the Department of Social Protection looking for bailouts?

I thank the Minister for addressing all the points my colleagues and I made and for bringing their spirit into the statutory regulations and statutory guidance. In her discussions with the Pensions Board, a harder line probably needs to be taken, as the regulators of credit unions, banks and accountants needed to take a harder line heretofore. Part of the recovery of the economy has to be a much better performing financial sector, rather than seeking a bailout when we are broke on the basis that money was given to the people who were there before, and this bailout given, as Senator Norris said, at the expense of funds that were run properly and which are paying a levy to the ones which were not.

We in Ireland have a long history of rescuing the wrong kinds of companies.

It is not a very good method of portfolio selection, that when people go broke they turn to the Exchequer.

I thank the Minister for taking those points on board. Perhaps when the Minister has the annual review, which is provided for at the end of the Bill, we could have a debate on these issues again on each anniversary of the passing of the Bill. The House will have to ensure that the performance of pension funds on all the grounds on which the Minister and Senator O'Brien have agreed must be better in future.