Reports of pension fund raid to pay for banks 'outrageous', says Hayes

Fine Gael says reports that €15bn from the National Pensions Reserve Fund is likely be used to recapitalise three of the country's banks are outrageous.

The proposal is said to be part of the multi billion euro EU/IMF loan plan being finalised this weekend.

An Irish Examiner report claims the emphasis in the plan is to avoid drawing down money from the bailout and instead rely on money from the Pension Reserve Fund for the banks.

Fine Gael's Brian Hayes said that that effectively this would mean that there would be no stimulus plan for the economy.

"It seems to me that the Gov is rolling over on this issue, and allowing such a huge amount of this money to be used to bail out the banks again, this is a disastrous decision and it has to be stopped," he said.