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Dáil Éireann debate -
Tuesday, 16 Jun 1998

Vol. 492 No. 4

Written Answers. - Joint Account Holders.

Michael Ring

Question:

180 Mr. Ring asked the Minister for Finance the plans, if any, he has to extend the legislation regarding joint account holders reaping share benefits for either account holder rather than the first named, particularly in cases where the first account holder has actually passed away thereby ensuring that the widow or widower can benefit rather than the account getting no free shares and also in cases where the first account holder died before the latest legislation was introduced. [14014/98]

I presume that the Deputy is referring to the provisions relating to the conversion of a building society to a public limited company contained in the Building Societies Act, 1989. Responsibility for legislation in relation to building societies rests with the Minister for the Environment and Local Government.

At the request of the Minister for the Environment and Local Government provision was made in the Central Bank Act, 1997, to amend the Building Societies Act, 1989, to ensure that joint account holders do not lose entitlements, including entitlements to free shares, solely because of the order of names on the account. These provisions apply only to those conversion schemes with a conversion date subsequent to the enactment of the Central Bank Act, 1997, that is 4 April 1997. I understand that legal advice available to the Minister for the Environment and Local Government was that these provisions could not be applied retrospectively.
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