Frank Crowley
Question:84 Mr. Crowley asked the Minister for Finance if he will instruct An Post to inform beneficiaries of £50 million of unclaimed moneys on deposit or in saving and investment schemes belonging to deceased relatives. [8106/97]
Written Answers. - Unclaimed Moneys.
There is no basis for the assumption that £50 million of unclaimed moneys in post office savings and investment services belongs to relatives of deceased account holders. This is not to say that there are no unclaimed moneys which belong to deceased account holders. However, An Post is not in a position to estimate the amount, if any, involved because it only becomes aware of the death of an account holder when notified of it by a beneficiary or the executor of the deceased's estate.
The rules and regulations applicable to An Post's products — post office savings bank, savings certificates, savings bonds and national instalment savings — provide for the legal beneficiary or beneficiaries of a deceased account holder to redeem funds formerly held by the deceased.
Where legal beneficiaries apply for redemption of amounts held by a deceased account holder, clear procedures are in place for establishing the beneficiaries' entitlement to the funds. These procedures normally include production of a grant of probate and a capital acquisition tax clearance certificate.
Where a potential beneficiary or the executor of a will is uncertain as to whether a deceased person has investments in post office products, they can write to An Post who will establish whether any funds are held in the name of the deceased. If funds are so held, the redemption procedure proceeds in the normal course.