John Lyons (Dublin North West, Labour)
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Question 71: To ask the Minister for Finance if his attention has been drawn to the situation in Permanent TSB whereby the company is attempting to pass on the shortfall in its defined benefit pension schemes to staff by way of reductions in benefits and higher contributions despite undertakings in 2006 to staff and to the Labour Court that the Irish Life and Permanent group would provide a pension based on its staff's original employment terms; and if he will make a statement on the matter. [16036/11]

John Lyons (Dublin North West, Labour)
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Question 72: To ask the Minister for Finance if he will request the Irish Life and Permanent group to carry out a new actuarial valuation on the assets of the Permanent TSB bank defined benefit pension schemes as the last valuation was completed in January 2009 and the shortfall in the pension schemes of €118 million would have reduced significantly (details supplied); and if he will make a statement on the matter. [16037/11]

John Lyons (Dublin North West, Labour)
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Question 73: To ask the Minister for Finance if he will request the Irish Life and Permanent group to use the funds arising from the proceeds of the sale of Irish Life to reduce the current shortfall in the bank's defined benefit pension schemes and thereby honour the group's original agreement with its workers and the Labour Court in 2006. [16038/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 71 to 73, inclusive, together.

The issues raised by the Deputy, in his first two questions, are for the board and management of Irish Life and Permanent (ILP) and fall to be addressed using the normal industrial protocols. Accordingly, it would not be appropriate for me, as Minister for Finance, to comment further.

In relation to the possible use of the sale proceeds of the life assurance company, ILP has been mandated by the Central Bank of Ireland arising from the recent stress tests on capital adequacy of the covered institutions to raise €4bn and in this connection has decided to fund this shortfall, in part, by offering its life and pensions business for sale as announced on 31 March 2011. Accordingly, any alternative uses for the proceeds of the planned disposal are not available.