asked the Minister for Finance why it was necessary for the Government to appoint by proclamation Thursday the 1st January, 1970, to be observed as a bank holiday throughout the State.
Ceisteanna—Questions. Oral Answers. - Bank Holiday Observance.
8.
The Government acceded to a request in this matter from the banks to facilitate them in dealing with a seasonal increase in accounting work. The appointment of the bank holiday had the effect of protecting the banks in any legal proceedings that might be taken against them arising out of their not being open for the conduct of business.
May I remind the Parliamentary Secretary that the Minister for Finance told me last Tuesday that there is no law requiring the banks to stay open on any particular day or days? Why then is it necessary to appoint a particular day, January 1st, by proclamation, if that answer is correct?
The Deputy should know that since he goes back to 1871 in his next question. I should like to inform the Deputy, who is a Doctor of Economics, that there have been provisions over the years whereby banks may not open in accordance with the law. There is no such provision about them staying closed.
9.
asked the Minister for Finance when the Bank Holidays Act, 1871, was repealed.
The Bank Holidays Act, 1871, has not been repealed. Sections 4 and 5, however, were repealed and replaced by largely similar provisions in the Public Holidays Act, 1924.
May I ask the Parliamentary Secretary, since the Bank Holidays Act, 1871 was not repealed how is it that the banks have been able to remain closed since 30th April, 1970?
I am afraid the Deputy is confused.
The Deputy is not confused. The Government are not governing.
The Deputy did us a good turn during our Opposition; I shall try to be kind to him.
The Parliamentary Secretary will be trying to repay that debt very soon.
Sections 4 and 5 of the Bank Holidays Act, 1871 provided that special days could be appointed by proclamation as bank holidays or be substituted for particular bank holidays. These sections were replaced by similar provisions in 1924. These laid down that on certain days the banks cannot open. I should like to explain to the Deputy as he has questions down about a Bill that was on the Order Paper shortly before the election that the banks are now satisfied in relation to the 5-day week and the non-opening of banks on Saturdays that they have a good case in law against being prosecuted for not being able to discharge business and they did not feel it necessary that legislation should be brought in to protect them against any legal action.
I appreciate that explanation as to why the Bills of Exchange Bill, 1965 was not proceeded with, but does the Parliamentary Secretary not realise that if you have to issue a proclamation to close the banks for one day that it is obvious what the law is? The law is that the banks cannot close unless they get such a proclamation. This sticks out a mile.
This is incorrect. We have come a long way since 1871.
Could the Parliamentary Secretary say whether if there is no legal obligation on the banks to remain open, there is any other safeguard so that people who deposit money in banks can get it back when they need it?
I have tried to explain that bank holidays have been declared to protect the banks against any legal action that might be taken against them in relation to their non-payment of a draft on a particular day.
The Parliamentary Secretary apparently has not listened to my question. I understood him to say that in fact there is no legal provision requiring banks to remain open and I asked him what other safeguard, if any, there is to ensure that if you give money to a bank it cannot just close its doors indefinitely and hang on to your money? Is there no such safeguard under this Government?
That is a separate question.
May I ask one more supplementary question?
I am calling question No. 10.