Paschal Mooney (Fianna Fail)

I am glad that Senators O'Toole and Harris raised the question of savings. Members on this side of the House and our colleagues in the other House have had discussions with the Minister for Finance on how this can be utilised in the national interest. In the context of the Minister coming to the House, perhaps this can be teased out in more detail. As currently instituted, the national recovery bond term is too long. Most of the people who have money are near or at retirement age and a ten-year term proves to be too long to leave the money in place. Perhaps a reduced period of between three and five years should be available. I wrote to the Minister in this regard and the matter is being actively discussed. The post office savings bond, which currently holds between €3 billion and €5 billion, can be used immediately by the Government unlike the national recovery bond. It is paying a rate in excess of 3%, which is competitive with the commercial banks. I ask for a more proactive marketing campaign targeted at the people who have money, as pointed out by Senators O'Toole and Harris.