Dáil Éireann debate -
Tuesday, 20 Jun 2000

Vol. 521 No. 4

Written Answers. - Dormant Bank Accounts.

Paul Connaughton

Question:

124 Mr. Connaughton asked the Minister for Finance if he will clarify the definition of a dormant bank account; if his attention has been drawn to the fact that some banks are asking questions of clients who have money on account for just over a two year period where there has been no activity on the account since then, in spite of the fact that the clients in question are old age pensioners with very little financial resources; and if he will make a statement on the matter. [17179/00]

Minister for Finance (Mr. McCreevy)

As yet, there is no legal definition of a dormant account. For administrative purposes, some financial institutions employ procedures to ensure that accounts which have been inactive for some time are reviewed to see whether they have become dormant. I understand the period of dormancy varies from institution to institution. I should point out that I have no statutory role in this area as it is an internal matter for the institutions themselves.

The Deputy may be aware that proposals to take the funds in dormant accounts into the care of the State are under active consideration in my Department. In the context of bringing forward such legislation, a definition of a dormant account will be specified.