asked the Minister for Finance what provisions exist to ensure that members of the public who deposit money with banks on demand can recover it when they require it.
Ceisteanna—Questions. Oral Answers. - Bank Deposits.
25.
There is no statute requiring banks to meet their obligation to repay demand deposits on demand. If a bank does not meet this obligation, a depositor who is not satisfied with the explanation offered by the bank may have recourse to legal proceedings.
Can the Minister say whether he is satisfied with this situation? Does he feel that the Irish public have been aware of the lack of any such provision and, secondly, now that it is clear that there is no such provision, will the Minister take steps to introduce some provision of this kind?
I would think that anybody who was particularly concerned about this would have made himself aware of what the position was. With regard to the second part of the Deputy's supplementary, I would not propose, certainly at this stage, to introduce the legislation which he suggests. I do not think the need for it has been demonstrated.
Would the Minister agree that the position is that, if any bank refuses to pay to a person money which the bank is holding on behalf of that person, it is open to any such person to apply to the courts to wind up the bank and any bank in Ireland which at the moment will not pay out this money to a depositor is, in fact, in breach of the law and could be wound up, and the sooner this is done the better?
I do not propose to comment on what the legal position might be. I have said simply that people who are not satisfied may have recourse to legal proceedings and it is a matter for the courts as to how it might be determined.
A number of people have done this successfully.
Would the Minister agree that it is a function of the Government to ensure that as between different groups in the community of unequal economic strength a reasonable balance is maintained? In this way, there is the minimum wages legislation in certain areas, and so on. In the circumstances does he not feel that there should be provision to ensure that people who deposit money with the banks can get it back without having to resort to the expense of legal proceedings and the delay involved?
As I have said, I am not satisfied that the need for any such legislation has, as yet at any rate, been demonstrated.
How long would a strike have to last before the Minister would feel it was demonstrated? A year?