Dáil Éireann Debate, Thursday - 20 October 2011
30 Deputy Mary Lou McDonald asked the Minister for the Environment, Community and Local Government the number of account holders or next of kin who have reclaimed dormant funds during each of the past six years; and the amount of money reclaimed during each of those years. [30317/11]
View answerThe Dormant Accounts Act 2001 together with the Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Act 2005 provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings. The main purpose of the legislation is to reunite account holders/policy holders with their funds in credit institutions/insurance undertakings and in this regard, institutions/undertakings are required to take steps to identify and contact the owners of dormant accounts and unclaimed life assurance policies.
Dormant funds/unclaimed life assurance policies, which have not been reclaimed by the original account/policy holder or their beneficiaries, are transferred each year by the financial institution/insurance undertaking to the Dormant Accounts Fund (the Fund) which is managed by the National Treasury Management Agency (NTMA). The transfer of monies takes place on the basis that the beneficial owner will have a guaranteed right of reclaim to their property at any time in the future.
Funds may be reclaimed by account holders contacting the institution with whom the account or policy was held — the bank, building society, An Post or insurance company. That institution, in turn, validates the claim and makes arrangements with the NTMA for return of the monies (plus interest) to the account holder. My Department has no role in this matter and therefore has no information on the number of account holders involved in reclaims.
The total amount of reclaims by account holders from the Dormant Accounts Fund for the years 2005 to 2010 are listed in the following table.
|
Year |
Reclaimed by account holders€ |
|
2005 |
44,876,763 |
|
2006 |
44,736,631 |
|
2007 |
34,082,871 |
|
2008 |
19,500,791 |
|
2009 |
19,051,956 |
|
2010 |
20,303,827 |
