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Dáil Éireann debate -
Thursday, 17 Dec 1998

Vol. 498 No. 6

Written Answers - Dormant Accounts.

Pat Rabbitte

Question:

11 Mr. Rabbitte asked the Minister for Finance the progress, if any, made by his Department regarding money left in dormant accounts in banks and building societies, particularly in relation 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; his views on the estimate made by the Irish Banks Information Service that the amount lying dormant in bank accounts after 25 years is believed to be of the order of £25 million; and if he will make a statement on the matter. [28025/98]

Jim O'Keeffe

Question:

47 Mr. J. O'Keeffe asked the Minister for Finance his views on dormant accounts in banks and other financial institutions; his further views on whether it is fair that millions of pounds deposited in these institutions should be left unclaimed without efforts being made to trace true ownership; and if he will make a statement on the matter. [27552/98]

I propose to take Questions Nos. 11 and 47 together.

As I informed the House a month ago, my Department has undertaken an examination 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 must 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 am happy to state again that I have no intention of letting this matter rest. My Department has prepared proposals designed to resolve the difficulties identified by the earlier examination. I will be examining those proposals and will be consulting the Office of the Attorney General on the legal issues involved. I expect then to be in a position to submit a proposal to Government on the issue of dormant accounts.

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