Dáil Éireann Debate, Tuesday - 20 November 2012
209. Deputy Denis Naughten asked the Minister for Finance if it is possible under the Credit Institutions (Stabilisation) Act of 2010, which facilitates the permanent interference with rights, including property rights, to reduce the pension rights of retired senior management within the said institutions; and if he will make a statement on the matter. [51257/12]
View answerThe Deputy will appreciate that this is a highly complex legal area involving possible interference with an individual’s constitutional rights. Pensions are generally taken to be deferred income and any action to reduce a pension in payment needs to be comprehensively founded lest it run the risk of being considered an unjust attack by the State on the property rights of individuals affected by the proposed legislation. In a general way, the intent of the Credit Institutions (Stablisalation) Act (CISA) 2010 is to operate its provisions at a system level to permit the imposition of obligations on credit institutions. Accordingly, while individuals may be affected by the operation of CISA, the scope for it being used in the manner the Deputy suggests is severely limited.
