Dáil Éireann Debate, Tuesday - 15 June 2004
179 Mr. R. Bruton asked the Minister for Finance the procedures which have been put in place to identify moneys in dormant accounts which pre-date the introduction of computerisation of bank records; the number of cases which have been brought to his attention, in which persons or their next of kin have been pursuing amounts in dormant accounts and the banks dispute the existence of the account; and if he will make a statement on the matter. [17267/04]
Amharc ar fhreagraThe Dormant Accounts Act 2001 makes no distinction between accounts which predate the computerisation of bank records and accounts which were opened thereafter. Therefore, financial institutions are under a legal obligation to treat all accounts which are deemed dormant under the legislation in the same manner for the purposes of the Act.
Part 3 of the Dormant Accounts Act 2001 as amended provides for the appointment by the Irish Financial Services Regulatory Authority, IFSRA, of inspectors to verify compliance with the Act. These inspectors have the right to inspect and take copies of all records of the credit institutions that may relate to dormant accounts and failure to comply with the direction of an inspector is an offence. I understand IFSRA is currently putting arrangements in place in relation to this function.
To date, I am aware of only one instance in which a credit institution disputed an amount that an individual was pursuing which involved an account that pre-dated computerisation. The issue did not revolve around the dormancy of the account but rather whether the moneys involved had been withdrawn and the account closed. The Ombudsman for Credit Institutions has made a ruling in this case.
As Minister for Finance I have no role in a dispute between a private individual and a credit institution. However, the Irish Financial Services Regulatory Authority offers help and support to people who have a problem with financial products or services. The authority may be contacted at: Consumer Information Department, Irish Financial Services Regulatory Authority, P.O. Box 9138, College Green, Dublin 2. E-mail: consumerinfo@ifsra.ie . Consumer help-line lo-call 1890 77 77 77.
