Sean Barrett (Independent)

Cuirim fáilte roimh an Aire. It is always a pleasure to listen to this Minister. I second Senator Mullen's Bill. It is trying to extend the dormant accounts legislation to include other forms of dormant property and to increase the property rights of persons over such property. Senator Mullen mentioned the US Federal Unclaimed Property Act 1995. We Googled it today and found that there is $32.88 billion outstanding in that fund. This appears to be an area worth looking into. We did it with dormant accounts.

In terms of my personal finances, I dislike standing orders and direct debits because I do not want to pay too much as it is difficult to get it back. Senator Mullen referred to the Irish Institute of Credit Management, the fact overpayments end up as unearned profits, the case in the United Kingdom where £486,000 sterling was transferred to the profit and loss account in one case alone, and the concerns of the Association of Chartered Certified Accountants.

Assets in general, whether deposits due back from landlords, insurance policies not claimed, travellers cheques, money orders, unclaimed wages and individual retirement accounts, are all property which should not fall by default into the hands of the person to whom the payment is made. There is scope for us to look at the extent of this problem, along with the National Consumer Agency, the Citizens Advice Bureau and MABS.

This morning the Leader has informed us that the Government intends to move against moneylenders on the basis of taking money that is not properly theirs where persons pay too much for money. I gather the Government also intends to reduce the interest rates they can charge and act against those who overcharge.

This is interesting new legislation. Some Government Senators have stated that this problem has only been tackled as systematically in the United States as in Senator Rónán Mullen's Bill. It would be of value to find out whether this is a cause of a person's financial problems and whether the Oireachtas could help in the resolution of these problems. One may take it that power in society frequently rests with those in companies who take in these payments and that it can be difficult for individual citizens to get their money back. Senator Rónán Mullen has raised important issues that are well worth discussing in the House. I look forward very much to hearing the Minister's response.