Feargal Quinn (Independent) | Oireachtas source

Yesterday was a particularly good one for the House. I add my voice to those of others who congratulated Senator Barrett not only on what was a very good debate on the banking sector and financial stability but also on the fact that the Minister did not, as had been planned, vote against the Bill. This serves as a reminder of what this House can do and of the skills and abilities possessed by its Members. The debate on Senator Barrett's Bill was one of a number of extremely useful debates which took place here yesterday.

I met a man yesterday who informed me about the benefits of which he had availed by virtue of being able to tap into his additional voluntary contributions, AVCs, following a provision in that regard which was included in the budget. The individual in question was able to eliminate his credit card debt and pay his daughter's secondary school fees. I mention this matter because the suggestion that people be allowed to access some of the moneys they paid in the form of AVCs originated in this House. This is another reminder of the value of the Seanad. I hope the Government recognises the benefit of having individuals such as Senator Barrett and others here because they are able to make suggestions which benefit the community in general.

The man to whom I refer only took €10,000 out of his AVCs as a result of the strict limits which apply. Denmark adopted a similar approach in 2007. Allowing people to access their pensions in this way on an open-ended basis has given rise to huge benefits for that country's economy. I request that the House engage in a debate on this subject at some point in the near future in order that we might encourage the Government to consider what has happened in other jurisdictions. In Denmark, the economy took off and people were able to access their money, invest and spend it and open small businesses. I am of the view that we could engage in a debate on this matter which would be similar to the one initiated by Senator Barrett during Private Members' time last night.