Terry Leyden (Fianna Fail)

On the points raised by Senators O'Toole, Harris, Mooney and Regan, there is approximately €100 billion in savings which is not being released into the economy. The national solidarity bond was suggested to the Minister for Finance, Deputy Brian Lenihan, in this House and he ran with the idea in the budget. It is being organised by An Post but is not being promoted in the way it should. The Minister should review the methodology used for its sale to the public. It is not correct that everyone goes on-line. It is difficult for people who have savings to access the Internet. With respect to An Post, the post office is not the best location either, given the queues to receive pension payments and conduct other business. Mainstream banks should be brought on board and encouraged to adopt the project. That would be worthwhile, as more funds would accrue. When I initially brought forward the idea, I said there would be a need to use it as a personal, private pension scheme for those who did not have pensions but who would be prepared to invest a considerable amount of money, provided they would be able to draw it down at a certain age and rate which could be worked out by experts in the Department of Finance. I put it to the Department, but I did not receive a response on that point. No one looked at the idea of people buying into a pension scheme based on giving the funds to the State on a regular basis and getting it back when they reached 65 or 66 years or some other age. The House would do the State some service by promoting such an approach. We could pool ideas across the floor and put together a formal proposal to be made to the Minister in this regard. If we could draw down the money with a return to be made in a number of years, it could be recirculated throughout the country again. We should consider the issue and not be overawed by the crisis. The fact remains that there is approximately €100 billion in savings in the country.