Banking Sector Regulation

Dáil Éireann Debate, Tuesday - 6 July 2010

Tuesday, 6 July 2010

Ceisteanna (133)

Caoimhghín Ó Caoláin

Ceist:

142 Deputy Caoimhghín Ó Caoláin asked the Minister for Finance the position regarding customers of a bank (details supplied) who still have money in current and savings accounts of that bank after 23 June 2010 when the retail division of the bank closed; if his officials have been in touch with the bank regarding same; if such issues are covered by legislation or the consumer protection code; if he will ensure that arrangements are in place for consumers to reclaim their money if they wish to do so post 23 June 2010; and if he will make a statement on the matter. [29475/10]

Freagraí scríofa

Minister for Finance (Deputy Brian Lenihan)

The Financial Regulator has advised me of the arrangements that are in place for Halifax current account and savings account customers to reclaim any money owed. As regards closing a current account, Halifax requires written confirmation from the customer either by letter or by completing a closure form. Any credit balances or credit interest due to customers will be returned as part of this account closure. As regards closing savings accounts, Halifax requires written confirmation either by letter or by completing a closure form. On the form customers can elect to receive their funds electronically to another account or by cheque. Halifax has information on its website with regard to how customers should process account closures. The Financial Regulator has been working with Halifax's parent company Bank of Scotland (Ireland) to ensure that consumers' interests are protected in accordance with the Financial Regulator's Consumer Protection Code. As required by the Code all customers were given three months notice of bank closures.