Dáil Éireann debate -
Tuesday, 17 Nov 1998

Vol. 496 No. 6

Written Answers - Dormant Accounts.

Pat Rabbitte

Question:

73 Mr. Rabbitte asked the Minister for Finance if his Department has any estimate of the amount of money left in dormant accounts in banks and building societies, particularly in regard to account holders who may have died; his views on whether it is appropriate that the banks should continue to have the use of these moneys; the measures, if any, he will take in regard to the matter, for example, requiring each bank or financial institution to send a statement at least once every year to the last known address of the account holder; and if he will make a statement on the matter. [23672/98]

Minister for Finance (Mr. McCreevy)

The Deputy may recall that, during the debate on the Central Bank Act, 1998, I outlined the position in relation to an examination undertaken by officials in my Department into the general issue of dormant accounts held in credit institutions. That investigation identified potential legal and constitutional issues, particularly in relation to property rights, which have to be taken into account in the development of policy in relation to such accounts. I pointed out that this is a very complex issue and one which requires very careful consideration.

I have made it clear before this that I am not going to let the matter rest and that I will investigate the issue of dormant accounts thoroughly during my term of office. In that context, I have directed my Department to produce proposals designed to resolve the difficulties identified by the earlier examination. The Department is close to completing work on draft proposals along these lines and the next step is to have these examined from a legal and constitutional view-point. I do not believe it would be appropriate for me to release any of the results of the work undertaken by my officials until the further investigations I consider necessary are completed. I hope the work now under way will enable me to propose an appropriate solution to Government.