Dáil Éireann debate -
Tuesday, 8 Apr 2003

Vol. 564 No. 5

Written Answers - Dormant Accounts.

Jim O'Keeffe

Question:

54 Mr. J. O'Keeffe asked the Minister for Finance the amount of money estimated to have been declared dormant in the banks and other financial institutions; if he is satisfied with the operation of the system; and if he is proposing any changes. [9687/03]

Minister for Finance (Mr. McCreevy)

As the Deputy is aware, transfers to the dormant accounts fund began on 1 April. As of last Friday, approximately €80 million had been transferred to the fund. However, the institutions have until end-April to effect full transfer of all their dormant moneys, so I will not know until end April exactly how much has been realised.

I am satisfied with the operation of the dormant accounts scheme. As I have said on many occasions in this House and elsewhere, the primary goal was to reunite people with money that they may have forgotten about or that they have inherited unbeknownst to them. I am delighted to report that it appears that almost 60% of the money estimated to be dormant in March of last year has since been reactivated. I think it is fair to say this means that the scheme has been a great success and has achieved its main purpose.

As regards changes to the system now in place, my colleague, the Minister for Community, Rural and Gaeltacht Affairs, has primary ministerial responsibility for the scheme, and it would be a matter for him to bring forward proposals.