I move amendment No. 10:
In page 19, line 23, to delete "the Post Office" and substitute "An Post".
The object of this amendment is to bring the provision into line with the changes made by virtue of the Postal and Telecommunication Services Act, 1983. That Act assigned certain functions hitherto exercised by the Minister for Posts and Telegraphs to An Post. Thus it simply changes the "Post Office" to "An Post".
Does that also apply to the Post Office savings banks? Is it still the Post Office savings bank?
It is still the Post Office savings bank.
This is a new section. It implements the committee's recommendation that money in the Savings Bank, which would include deposits in Trustee Savings Banks, and the Post Office Savings Banks and securities issued through the Post Office by the Minister for Finance, would be subject to the vesting provisions in bankruptcy. The committee were informed that the law governing savings banks' deposits and similar securities was interpreted so as to mean that they did not vest in the assignees on the bankruptcy of the depositors. While these depositors were regarded as being in the same position as holders of accounts in commercial banks, at the same time it was argued that there was no mandatory legal obligation on the Minister for Posts and Telegraphs requiring him to pay such moneys to the Official Assignee. The committee therefore recommended the inclusion of section 47 so as to ensure that the money and securities referred to therein would vest in the Official Assignee on adjudication in the same manner as other property.
