Eamon Scanlon (Fianna Fail)

I concur with Senator O'Toole's comments regarding the Personal Injuries Assessment Board. I compliment the board's chairman, Dorothea Dowling, and its vice chairman, Senator O'Toole, on their work which has contributed to the reduction in the cost of insurance. At the time we debated the legislation to establish the board, 40% of an insurance claim comprised legal costs, which was a startling figure. Anything to help reduce such costs is a help.

The special savings investment accounts will begin to mature next year. Once they mature, account holders will have three months to claim the Government subsidy. If it is not claimed within that period, account holders will be charged 23% tax, which will write off the bonus provided by the Government under the scheme. No obligation has been placed on financial institutions to notify people of this requirement. However, it should be obligatory that they should notify people, once their accounts mature, that they have three months to claim their money or else they will pay a substantial tax.