Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

I regard this legislation as a priority matter of great importance. It is evident that a statutory scheme is required if periodic payments orders are to become a reality. This is clear from the work done by the working group. Further additional work was required in the context of how we ensure necessary security for the long-term viability of periodic payments, which has to be a key element of any legislative proposals. There is little point in putting in place a structure which facilitates the making of such payments unless it is ensured that those payments are secured into the future. This is one of the issues, among others, which is being examined. The reality is that there is no financial product available to insurers in this area at present. A new financial infrastructure will be necessary to make the legislation workable. This is quite a complex area involving a whole range of issues that need to be addressed. Very careful work is required to ensure that any legislation enacted meets the required objectives.

I want to assure the Deputy, and members of the Judiciary who quite properly raised the importance of this issue, that this is a matter the Government intends to address. It is my objective to ensure the legislation is enacted during 2013.

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