Dáil Éireann debate -
Wednesday, 11 Oct 1995

Vol. 456 No. 7

Written Answers. - Dormant Accounts.

Jim O'Keeffe

Question:

73 Mr. J. O'Keeffe asked the Minister for Finance whether he is able to give an estimate of the amount of moneys held in banks and financial institutions in dormant accounts where owners have died and where their relatives have no record of such accounts; and the requirement, if any, he feels should be imposed on banks and financial institutions to trace the relatives of such deceased account holders. [14635/95]

Minister for Finance (Mr. Quinn)

I have no function in regard to specific moneys held in bank accounts or in relation to the ownership or specific nature of such accounts. The general question of "dormant" bank accounts is the subject of ongoing investigations by my Department.

However, I am advised that solicitors, and appointed personal representatives, can readily obtain information on the state of a deceased customer's balances from his or her bank. Banks also variously provide an effective "tracing" service for solicitors or personal representatives seeking to establish whether or not accounts exist in the names of deceased persons, by means of which the whole of a bank's network may be checked. As a general rule, branches endeavour to draw the attention of the next-of-kin to the existence of an account.