Derek McDowell (Labour)

I thank the Minister of State for his very informative response. It is horrific that one company could hold 500,000 policies with values of less than €500. Taken to its extreme, the company could hold up to €250 million that does not come within the scope of this Bill. It is hardly surprising that many of the unclaimed policies are small as they are the ones most likely to be forgotten about. If companies take money from people, they surely have a minimum obligation. The minimum obligation under the Bill is to pay the money but if it is not claimed, it should be transferred to the NTMA.

The Minister of State has given a flavour of the potential value of small policies and more strength to the argument of those proposing the amendment.