A debate was taking place on pensions arising from detailed actuarial reviews and the Green Paper, Minister for Finance Brian Cowen told the Dáil.
"As many as 32 written submissions have been forwarded to the Minister for Social and Family Affairs on foot of publication of that important document. There were over 2,000 hits on the website, which demonstrates people's interest in the matter.
"Owing to the complexity and importance of the pensions issue, consultation on the options that should be considered in the coming months represents the best way to proceed." He added that the Dáil could debate the matter at any time deemed appropriate. A debate had already taken place in the Seanad.
Mr Cowen said there had been considerable market turbulence which affected many sectors.
"It is a question of ensuring the return of market stability as quickly as possible. That is what we are trying to achieve at European and every other level. Clearly, the issue will ebb and flow as market sentiment changes."
The Minister was replying to Fine Gael leader Enda Kenny, who said there were two reports on the issue but no legislative proposals from the Government.
"Some €9 billion, or 5 per cent, has been wiped off the value of Irish pensions in the past month and citizens are extremely concerned as a consequence. One should contrast the position on private pensions with that on ministerial pensions. This issue is of grave concern."
Labour finance spokeswoman Joan Burton said the Government had promised to introduce the financial services regulation Bill to simplify financial regulation. "In many cases, persons approaching retirement who hold pensions and have AVCs, in which the Government encouraged people to invest, are seeing their savings being vastly reduced. This country has the highest charges on investment and financial services products of any country."
She asked if Mr Cowen proposed to regulate the "industry in the interests of orderly economic development rather than those of the masters of the universe of the banking world".
Mr Cowen replied that if there was an example of the successful modernisation of the State, it had been in financial services. "The financial services legislation referred to by Deputy Burton is about a full modernisation and consolidation of legislation introduced over many years. Having completed the preparations during the course of next year, I hope to bring it to the House for enactment . . . I have set up a working group which will liaise with the industry and wider interests to ensure this exercise will improve the business climate for the further progression and expansion of financial services."
