asked the Minister for Finance the reason no interest was paid for 554 days on a 1981 funding loan for a person (details supplied) in County Kerry.
Written Answers. - Funding Loan.
578.
The person concerned with an address in Australia had a holding in the 8½ per cent Funding Loan 1981 which matured on 1 March 1981. In order for repayment of his investment to be made, it was necessary for him to complete certain documents. These were sent to him by the Central Bank approximately three weeks before the redemption date. In the absence of a reply the Central Bank sent reminders in April, June and October 1981. When nothing was heard, the Central Bank wrote to the person's bank in Ireland in February 1982.
Contact with the person was made at that stage and the redemption documents together with a request for a return of the register certificate were issued by the Central Bank in March 1982. The person's bank wrote in June 1982 saying that the redemption form had been mislaid and a new one had to be issued. When it was returned the register certificate was not enclosed and the Central Bank had again to make contact with the person's bank. Finally payment was made in September 1982.
None of these delays or problems would have arisen if the person concerned had notified the Central Bank of his change of address in Australia. There is no provision enabling interest to be paid for any period after 1 March 1981 in respect of the 8½ per cent Funding Loan 1981.