Dormant Accounts Fund Administration

Dáil Éireann Debate, Thursday - 17 April 2014

Thursday, 17 April 2014

Ceisteanna (64)

Clare Daly

Ceist:

64. Deputy Clare Daly asked the Minister for Finance further to Parliamentary Question No. 42 of 10 April 2014, if he will instruct the Central Bank of Ireland to require financial institutions to tailor their procedures for dormant accounts by removing the three-year inactive classification, ensuring that local offices can overturn decisions to freeze customers accounts, in view of the fact that the current position has caused significant confusion and distress for elderly customers. [18387/14]

Freagraí scríofa

Minister for Finance

Under the Dormant Accounts Act 2001, an account is deemed to be a dormant account where no transaction has been effected by the account holder for a period of 15 years. The Act makes no provision in relation to an account being classified as inactive after a period of 3 years. If the Deputy has information that financial institutions may not be complying with the provisions of the Dormant Accounts legislation, she may wish to forward details, which I will have examined.