Mr. Hobbs,

 Apologies but I do not have an email address for you. I am the Press Officer for the Department of Finance. I have been informed that you claimed on the Right Hook Show that the Government may move to seize savings from people and this was likely on the basis that the Minister for Finance has refused to deny that this course of action could occur. Both of these claims are completely false as the Minister has stated on a number of occasions that the Government will not be seizing savings from people. I would ask that you stop making this claim immediately as it is false and misleading. For information, the Minister ruled out this course of action most recently in Dáil Eireann on 24th May 2011: "There has been some speculation that the Government will raid investment funds or deposit accounts. I assure the House that the Government has no plans in this regard. The Government’s top priority is to safeguard the security of savings. It would not wish to consider any step that would have a negative impact on such confidence. Other savings or investment products have not benefited from the generous tax reliefs that pension savings have historically been granted and continue to receive." The Minister also ruled out such a course of action at the Press Conference immediately after the Jobs Initiative and this was widely reported in the media. If you have any queries, please contact me at eoin.dorgan@finance.gov.ie .

Many thanks Eoin

Eddie’s response to DOF

Dear Mr. Dorgan,

Thank you for your email of the 28^th May.  In announcing this ill-conceived appropriation of private savings in pension funds, the Government has accelerated the flight of private capital held at Irish credit institutions.  The Minister's announcements in the Dail do not have the strength of legislation and come only after it was pointed out to the Government on the morning of May 12^th that this would be the public's interpretation of the event.  The ideal situation would be not to proceed with this aspect of the Finance Bill (No. 2) 2011, or, in lieu, legislate for the protection from further appropriation, monies held in life insurance investments and in cash deposits, and ring fence and limit the 2.4% seizure of private pension funds.

Eddie Hobbs