Billy Timmins
Question:189 Mr. Timmins asked the Minister for Finance if there are bank drafts which have remained uncashed over a long period; and if he will make a statement on the matter. [5410/03]
Written Answers - Bank Drafts.
While I do not have a statutory function in this matter, I am aware that there are bank drafts which have remained uncashed for various periods of time. However, there is no estimate available of how many such drafts exist. Bank drafts are issued at branch level which is where the relevant records – requisition forms containing any details of the applicant, payee, date issued, value, serial number, etc. – are also held. The industry has advised me in another context that in order to ascertain the number of drafts that remain uncashed a manual exercise would have to be undertaken on a branch by branch basis and the results collated at head office level. This would be an extensive and burdensome exercise to undertake. However, on the basis of a very preliminary analysis done by the industry, I was recently advised that the value of these instruments outstanding for more than the 15 years which applies in the Dormant Accounts Act could be a few million euro. This estimate was based on samples taken from individual banks.