Lenihan says Govt will not 'raid' pension fund

The Minister for Finance Brian Lenihan has said that the Government has no intention of "raiding" the National Pension Reserve Fund.

It has been reported that the fund of €21bn could be tapped to plug the exchequer deficit.

Minister Lenihan said today that it makes no sense to borrow from the fund as oppose to borrowing elsewhere.

Meanwhile, the Pension Reserve Fund is down €2.4bn or 12% in the first six months of the year because of the global downturn.