Shane McEntee (Meath East, Fine Gael)
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Question 106: To ask the Tánaiste and Minister for Finance if he has assessed the impact of stock market losses on the robustness of pension provision; and if there are implications for public policy. [2139/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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In my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day-to-day responsibility for the supervision of financial institutions is a matter for the Financial Regulator.

The Pensions Board is responsible for the regulation of occupational pension schemes and Personal Retirement Savings Accounts in Ireland as part of its statutory role to monitor and supervise the operation of the Pensions Act.

In the Irish pension system, trustees have important responsibilities to ensure that investment choices are prudent and responsible and strike an appropriate balance between return and the risk inherent in all investments.

In terms of public policy, short-term movements in financial markets have limited effects on wider economic trends. Of course, any deterioration in financial market conditions sustained over a prolonged period of time could, potentially, spill over into economic developments. In this regard, it is important to remember that the fundamentals of the Irish economy remain strong and that the economy has responded quickly and effectively to changing economic conditions in the past.