Oireachtas Joint and Select Committees

Thursday, 21 July 2016

Public Accounts Committee

2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015

9:00 am

Mr. Ciarán Breen:

We have done 50 PPOs, of which 13 have reconverted into lump sums in the absence of the legislation.

As members are aware, the Department of Justice and Equality is bringing forward the PPO Bill. I refer to the Civil Liability (Amendment) Bill. That is happening right now. Earlier in the year, the Minister said she was very anxious to bring the Bill forward to provide more certainty to the PPOs because the truth of the matter is that it is really volatile for us. It is something that we have wanted to put in place for families to make life easier for them, to provide certainty and that they would not have to worry about money running out and that they would not have investment risk. That is the way we wish to proceed because we think that is the ethical way to proceed and to give certainty to these families.

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