Sheila Terry (Fine Gael)

I welcome the Minister of State. This Bill is receiving wide acceptance as it is seen as putting money to good use that would otherwise be lying dormant. I agree that we must ensure people are informed of their accounts. How this is best done is critical. It is not sufficient to put notices in newspapers a couple of times a year. There will be a strong onus on the State to inform people that they hold unclaimed assurance policies. The Bill must deal with this more strongly and effectively.

The Minister of State has outlined that the money will be prudently invested and dispersed by the NTMA. It is important that we know how much money is involved. Based on previous experience with the NTMA, I am concerned about how effectively it will look after this money. For how long will it be invested by the NTMA before dispersal? I am concerned that moneys could lose value if they are left with the agency for an unspecified time. When I say the agency does not have a good recent record, I am cognisant of the fact that the world economy is not great and that this is affecting investments. If the money to which I refer is left with the agency it could, in time, begin to have a positive effect. It is important to know how long the Government will leave this money with the National Treasury Management Agency before disbursing it.