Eamonn Maloney (Dublin South West, Labour)

The earlier Bill was enacted in 2005 and I am in favour of it in principle. Difficult as it sometimes is for people on this side of the House to credit the other side, the dormant accounts fund was one of the previous Government's better initiatives. Since examples of the large amount of valuable work it has done have been cited by other Deputies, I will not repeat them. As someone who represents a largely working class constituency, I can testify to the volume of good work done thanks to the investment of the money in the community. Its work has always been appreciated by local organisations and projects in disadvantaged areas.

I have a strong opinion that the Minister of State, Deputy McGinley, might take on board concerning the criteria used when deciding on the status of a bank account, insurance policy, etc. The timeframe is 15 years. Given what we now know, this could be reduced to ten years. This opinion, which I have held for some time, is based on discussions that were held in the House before the Acting Chairman and I became Members.

Like other Deputies, I am glad that the board will be integrated into the Department. This is the right approach and will lead to a saving. Although €200,000 is not a substantial saving to some, it is a valuable amount in the current climate, particularly given the hardships being suffered by some projects.

I support the amending legislation. That any future structure must be published and laid before the House is good and transparent. I have always viewed the dormant accounts fund as being unique, in that it is the only example of wealth sharing in Ireland. It takes from a pot of money that comes from people who, as we all know, are usually better off than others. I hope my next comment is taken in a humorous spirit. The fund is the only opportunity for the less well-off to benefit from those who have more. The irony is that most of the latter are dead and do not have any say in making the contribution but the money goes where it should.

I support the Bill. For those organisations that will benefit from the fund, this is a welcome amendment.

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