Frank Fahey (Galway West, Fianna Fail)

The Minister for Finance has already stated that if such a database was properly constructed and managed, this might further assist members of the public in tracing dormant moneys. However, there are, as I said earlier, legal complexities and obstacles to be surmounted in order to proceed with the proposal and, accordingly, it is not a matter that can be countenanced in the current Bill. There is the matter of a constitutional right to privacy, which is enjoyed by all. Nevertheless, there is merit in the proposal and the Minister for Finance has asked his officials to examine the matter further and to discuss the pros and cons of the proposal with the industry and the Office of the Attorney General. As the Minister sees it, centralising large volumes of personal data would not only have to be legally permissible but also cost effective and user friendly to warrant pursuing the exercise.

The House can be assured that the matter is still under consideration as a near term objective and may well be brought into being within a few years, as the Senator has suggested. For the moment, however, it would not be practical to include it in the current Bill. Accordingly, I cannot accept the amendment now.