Decision to raid pension fund met with caution

THE Government’s decision to tap into part of the €18.7 billion National Pensions Reserve Fund (NPRF) to shore up the banking industry has received a guarded welcome.

The Irish Congress of Trade Unions’ economic adviser Paul Sweeney said its members represent 40,000 workers in the banking industry.

He said this means it holds a significant interest in the outcome of recapitalisation and he believes it’s preferable to reach into the National Pensions Reserve Fund and not channel cash from private equity firms.