Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I will respond initially to Senator Nelson Murray's query. On the previous day we gave an undertaking to look at the issue, but I did not realise we would be back less than a week later to go through Committee Stage. It has not been possible in that short timeframe to give the matter the scrutiny it needs. We are concerned that any delay in the implementation of the Bill could have unintended consequences.For example, it could prevent the Bill being enacted and giving the support to the people who are in the regulated financial entities. We want to give the opportunity to people who are subject to poor practices, perhaps, by vulture funds and who currently do not have recourse to the Financial Services and Pensions Ombudsman in a timely fashion. That is the urgency in bringing the Bill to its natural conclusion through Committee and Remaining Stages in the Seanad, so that it can be referred to the President for signing and become law.

We are still committed to looking at this in the course of the annual review, but it was not possible to do the in-depth analysis that needed to be done in those short few days we were here. Typically the Bill would be a longer time between the Second Stage reading and, subsequently, Committee Stage in the Seanad. I point out that the figures from the CSO show that, in 2021, microenterprises, which are those with fewer than ten persons employed and with a turnover of less than €2 million, accounted for 92.6% of all enterprises in Ireland. The vast majority of microenterprises are included currently. I take on board genuinely what the Senator is saying, however. As I said, there will be an opportunity in the 12-month review to have a look at expanding that, but it was an issue of the time constraints.

With regard to the second point made by Senator Stephenson about joint accounts, that is not related to this section but to a later section. I will speak to it at that stage, if that is okay.