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Dáil Éireann díospóireacht -
Tuesday, 7 Oct 2003

Vol. 571 No. 4

Written Answers. - National Savings Schemes.

Jim O'Keeffe

Ceist:

248 Mr. J. O'Keeffe asked the Minister for Finance the arrangements made with An Post on behalf of the State in relation to saving certificates, bonds and other investment services; and if he has satisfied himself with these arrangements and in particular with delays of up to six months and more arising in relation to the valuation or withdrawal of proceeds of savings bonds. [22252/03]

The functions of the Minister for Finance in relation to national savings schemes were delegated to the National Treasury Management Agency, NTMA, under the National Treasury Management Agency Act 1990. An Post operates these schemes on behalf of the NTMA. While I issue guidelines to the NTMA regarding the management of the national debt, including the operation of the national savings schemes, these would not cover the detailed administrative procedures within An Post. Such detail would not be appropriate to what are general policy guidelines concerning the exercise of delegated functions.

I am, however, informed by the NTMA that An Post has stated that delays which have been experienced by members of the public and their legal representatives in the processing of inquiries relating to savings accounts in the name of deceased persons arose because of industrial action by staff employed by An Post. The delays were exacerbated by an increase in public queries to the savings product division of An Post arising from communications relating to the dormant accounts legislation. The industrial relations issues were resolved last month and I understand that An Post has put additional resources in place to help clear the substantial backlog and is confident the backlog will be cleared in about six weeks. It will then be able to return to its normal turnaround time for handling this type of query.
Other than delays associated with deceased cases I am informed that there are no delays in relation to other valuations or withdrawals of proceeds of savings bonds or the other savings services they operate.
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