Statement From Irish Pensions Trust Ltd

"Irish Pensions Trust (IPT) is Ireland's longest-established and largest pension fund management company. Under the normal terms of our contract with clients, we are bound by absolute confidentiality.

Nevertheless we would like to make the following points regarding the enquiries you have made on a specific client.

We have administered the plan in question since 1960.

The plan in question has always been well funded and provides generous benefit terms.

In the administration of any pension fund with multiple transactions it is inevitable that errors can occur. Pension funds of this size are externally audited. It is the policy of IPT that where errors are identified they are rectified at no loss to the fund.

In this particular case some errors were made. These were discovered as part of the standard review process and were rectified at no cost to the fund.

We believe that all queries raised by the trustees and the client have been answered in detail.

All parties have accepted that there have been no financial irregularities and that no members received more than their entitlement.

We are aware that the client's personnel department have given the trustees a positive assessment of our administrative performance in the past year.

We wish to report that, under the terms of our requirements with clients, we are bound by absolute confidentiality."