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Why don't we use the National Pension Reserve Fund?

  • 29-04-2010 11:05am
    #1
    nordisk celt83
    Registered Users Posts: 122 ✭✭


    I know it may be a bit simplistic and lack foresight, but why doesn't the government make use of its cash reserves to quell current speculation about Irish deficit problems???
    I know the pension reserve isn't enough to get us out of our current problems, but it would surely help reduce borrwing costs in the short-term and help restore some faith in Ireland's ability to repay its debts.
    It just seems odd that we continue to borrow at higher costs everyday while we have €10-20 billion in reserve.
    After all, we are beginning to export our way out of recession and have one of the youngest populations in Europe, leaving us better placed than most to resolve the pension crisis at a later date.


    Of course, any use of the cash reserves shouldn't negate current austerity measures, but used simply to keep the wolf from the door, so to speak...

    Aslo, selling off Aer Lingus, reducing foreign aid??? Every penny counts...


Comments

  • #2
    nordisk celt83
    Registered Users Posts: 122 ✭✭nordisk celt83


    Can a mod edit the title please???


  • #3
    danman
    Closed Accounts Posts: 583 ✭✭✭danman


    Are we not already using the PRF for the bank bailouts?


  • #4
    Sleepy
    Registered Users, Registered Users 2 Posts: 24,269 ✭✭✭✭Sleepy


    I'm pretty sure we've already used most of it for NAMA, Anglo and the state "investments" in BOI and AIB.


  • #5
    nordisk celt83
    Registered Users Posts: 122 ✭✭nordisk celt83


    In response to the above comments; we have used some of the reserve fund to help bail out banks, but to the best of my knowledge there's still a fair portion of it left. I don't know the exact amount, but I think there's more than €10 billion still in the kitty???
    That's enough to offset cuts for two years. I'm not saying we should renege on making the cuts, but the cash in reserve is a significant enough amount to alleviate some of our problems I would've thought.


    Thanks to the mod for correcting the title...:)


  • #6
    SlabMurphy
    Closed Accounts Posts: 462 ✭✭SlabMurphy


    nordisk celt83 wrote: »
    In response to the above comments; we have used some of the reserve fund to help bail out banks, but to the best of my knowledge there's still a fair portion of it left. I don't know the exact amount, but I think there's more than €10 billion still in the kitty???
    That's enough to offset cuts for two years. I'm not saying we should renege on making the cuts, but the cash in reserve is a significant enough amount to alleviate some of our problems I would've thought.


    Thanks to the mod for correcting the title...:)
    I think there might be even more than 10 Billion. Probably FF want to lodge the money into their off shore accounts before they absond from the country.


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  • #7
    Mad_Max
    Registered Users, Registered Users 2 Posts: 1,322 ✭✭✭Mad_Max


    With no degree of certainty, I'm fairly sure I heard a minister saying there was 15-16 billion left in the fund.

    Wouldn't be keen on the idea of emptying the piggy bank though. It would have to be completely the last resort imo.


  • #8
    Overheal
    Registered Users, Registered Users 2 Posts: 85,167 ✭✭✭✭Overheal


    That's enough to offset cuts for two years.
    If youre going to go for the pension reserve, youd want to make Damn sure you had made the cuts already.

    Its not exactly the type of fund you rely on to procrastinate; its the kind of fund you rely on when the **** hits the fan. Not to put something off for another 2 years.


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