Dáil Éireann díospóireacht -
Wednesday, 26 Nov 2003

Vol. 575 No. 4

Written Answers. - Dormant Accounts Fund.

Billy Timmins

Ceist:

109 Mr. Timmins asked the Minister for Finance the accounts regarding which financial institutions are obliged to contact their customers with respect to dormant accounts; if this applies to deposit accounts; and if he will make a statement on the matter. [28493/03]

Minister for Finance (Mr. McCreevy)

The Dormant Accounts Act 2001 applies to all credit institutions in the State and to all types of accounts with banks, building societies and An Post, with some very limited exceptions.

Section 2 of the Act includes a detailed definition of the term "account", indicating that the legislation applies to deposit accounts, share accounts, current accounts, fixed deposits, petty balances accounts, deposit receipts, savings certificates, savings bonds and national instalment savings schemes. In all cases, the institution concerned is obliged to write to the account holder, at least once in the year in which the account becomes "dormant", where the balance in that account is at or above €100. For accounts where the balance is less than €100, or the institution has been instructed not to contact the account holder or has failed in its attempts to make contact, the institution must arrange for an annual public notice in respect of its dormant accounts in two or more national daily newspapers and inIris Oifigiúil.