Jim O'Keeffe
Question:102 Mr. J. O'Keeffe asked the Minister for Finance if he will report on the position in relation to dormant bank and other accounts. [12379/02]
Written Answers. - Dormant Accounts Scheme.
My colleague, the Minister for Social, Community and Family Affairs, who has the primary ministerial function for the dormant accounts scheme, signed the commencement order giving effect to the legislation from 1 January this year. The Minister has also signed the order prescribing the form of the certificate of compliance to be completed by each relevant credit institution under section 20 of the Act.
I am also informed that the Department of Social, Community and Family Affairs has begun work on arrangements to establish the dormant accounts fund disbursements board, provided for under section 30 of the 2001 Act. That Depart ment is currently consulting representative bodies to ascertain interest in membership of the board.
As the Deputy is aware, the Dormant Accounts Act, 2001, only applies to accounts in banks, building societies and An Post. Since March 31 last, these institutions have been obliged to contact holders of dormant accounts with balances of €100 or above, to inform them of their rights and obligations under the Act. For accounts with balances less than €100 or non-correspondence accounts, section 11 of the 2001 Act obliges these institutions to arrange for publication of a notice, in the form prescribed by the Minister for Social, Community and Family Affairs, in two or more daily newspapers and theIris Oifigiúil, advising the general public of the scheme. My Department has been working closely with the Irish Bankers' Federation to come up with a suitable format for this notice which is scheduled to be placed on 30 April next. The notice will elaborate on the public information initiative which was run earlier this year to highlight awareness of the scheme.
The general scheme of a Bill to provide for handling and management of funds in matured but unclaimed life assurance policies was sent to the Office of the Parliamentary Counsel for formal drafting on 12 October last. Drafting is ongoing. Officials in my Department are currently drafting provisions to include credit unions within the ambit of the dormant accounts scheme.