Dáil Éireann Debate, Tuesday - 24 June 2014
348. Deputy Michael McGrath asked the Minister for the Environment, Community and Local Government further to Parliamentary Question No. 143 of 12 June 2014, the steps that are being taken to contact the beneficial owner of the account in question prior to the funds in it being transferred to the dormant accounts fund; and if he will make a statement on the matter. [26590/14]
Amharc ar fhreagraSection 7 of the Dormant Accounts Act 2001 states that all accounts where there has not been a customer transaction for 15 years or more must be designated as dormant. Section 10 of the Act states that notification shall be sent by ordinary post to the last known address of the account holder as soon as practicable after 30th of September, where the amount in the account is more than €100. Where the amount in the account is less than €100, the institution will publish a notice in two or more daily newspapers circulating in the State and in Iris Oifigiúil.
The Central Bank is responsible and accountable for the prudential supervision of individual financial firms, the conduct of business, including protection of consumer interests, and the stability of the financial system overall. I have no role in these matters.
