Mary Coughlan (Donegal South West, Fianna Fail)

I am concerned at the confusion in the House on the need for a clear title and in some cases to take out grants of administration. My Department does not require clear title for redemption of an annuity. Those annuitants, however, who need to raise finance to avail of the offer may need to show clear title in order to obtain a loan. These people need to ensure their title is now in order. In the event that it is not in order they should act without delay and instruct their solicitors. On the enactment of the Bill I intend to introduce a scheme bringing forward the buy-out. I anticipate the scheme will commence in the spring of next year for six months to the end of autumn 2005.

There is no need to extend the scheme beyond the latter half of 2005 because individuals will have the best part of 12 months from now to organise the title and finances. I cannot predict interest rate movements in the future but I am aware that annuitants may obtain commercial loans below the annuity rate now paid. It would be imprudent for individuals to delay in taking up the offer as there will be no decrease in the amount tabled and interest rates may rise. On this basis I appreciate the concerns expressed by both Senators, particularly as we know it is in the nature of Irish people to leave dealing with such matters until the very last minute. We will ensure that people showing true form legally, through a solicitor, will be dealt with favourably.