Frank Fahey (Galway West, Fianna Fail)

—or any other form of electronic communication. It would not be possible, even if desirable, for the life assurance companies to notify customers in this way. The Bill merely tries to set down the minimum requirements in terms of notifying customers. In any case the important point made by the Minister for Finance is that the sole responsibility for keeping track of records does not and should not lie with the institutions. It is for the individuals themselves to look after their own property. Nevertheless, as has been stated on numerous occasions, it is in the interest of the companies to make every effort to contact policyholders by whatever means, as they will lose the underlying funds if they fail the task.

As mentioned on Second Stage, information is available on various Government and bank websites including that of the Irish Bankers' Federation and it will soon be on the website of the Irish Insurance Federation. The maximum use is being made of electronic media and, as I assured the Senator this morning, the Minister is considering the use of electronic media in terms of future developments. Despite Senator Quinn's charm and powers of persuasion, I do not intend to accept his amendment.