Seanad debates
Wednesday, 12 February 2003
Unclaimed Life Assurance Policies Bill 2002: Second Stage.
Senators Paddy Burke and Terry also mentioned the operation and management of the fund. As already stated, this will be done under the auspices of the NTMA. The money transferred to the fund will be split between two accounts – a reserve account and an investment and disbursement account. Now that we have a clearer idea of how much money will be coming into the fund and the length of time it has been dormant, the officials from the Department of Finance have already begun to discuss with the NTMA how the money is to be divided between the two accounts in consideration of the purposes these accounts are to serve. Once the officials have a feel for this, they will discuss it with officials from the Department of Community, Rural and Gaeltacht Affairs. Under the scheme, which has been running for some time, we cannot know how long the money will remain in the investment account. In any event, the board will be advised to operate very reservedly for a few years until we see how the scheme operates.
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