Dáil Éireann debate -
Wednesday, 10 Nov 1999

Vol. 510 No. 4

Written Answers. - Dormant Bank Accounts.

Jim O'Keeffe

Question:

64 Mr. J. O'Keeffe asked the Minister for Finance the proposals prepared by his Department following the examination carried out into the general issue of dormant accounts held in credit institutions; and the position in relation to these proposals. [22395/99]

Minister for Finance (Mr. McCreevy)

The formulation of possible policy proposals for tackling the issue of dormant accounts is still under consideration. Given the complex legal issues involved and the implications of any proposals for the banking and wider financial services sector, this is an issue which requires a prudent and well thought out approach.

The Deputy will be aware from my previous statements on this issue that I consider the benefit of dormant bank accounts should not remain indefinitely with financial institutions. In principle, it should accrue to the Exchequer after a reasonable period of time so that it can be used for the common good with the proviso that if and when the owner of the dormant account comes forward within an appropriate period of time, the funds due to them will be made available. However, the modalities for achieving that objective need to be very carefully prepared.

As soon as the present examination is complete, I intend to submit the policy proposals to Government for consideration.