Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I thank all the members for their contributions this evening on this very serious matter. A number of people have put to me whether I appreciate the gravity of this situation. I have met individuals who will be affected by this. I have heard from them on the challenges they face and the pressure they are under. I appreciate the personal consequences that pensioners and workers are facing as a result of the application that will go to the Pensions Board. I also understand the gravity of a pension scheme that now has a deficit of between €750 million and €800 million. This is a pension scheme that had a deficit of approximately €369 million between three and four years ago. I estimate it now has a deficit of around €769 million. That is the gravity of the situation that is facing the pension fund in its entirety and individual members and their families who either were working or are working and who were looking to secure their living and their income from this. I have an absolute understanding of the gravity of both issues. What I find disappointing about some of the points put to me in the contributions that have been made by Senators O'Brien and Power is what I find missing. What is missing is any acknowledgement of the scale of this issue.