Mr. Des Gunning:

It has not gone though on the material end yet but it will go through. I want to be clear that this is in regard to the dormant accounts fund. What I propose is that the credit unions be brought under the dormant accounts fund, that dormant balances within credit unions, which are financial institutions, would be transferable to the fund in exactly the same way as dormant account balances in any other financial institution. In my submission to the committee, I quoted from the Dáil Official Report of 20 June 2001 what the Minister for Finance of the day. He stated:

The Government ... agreed that officials from [the] ... Department [of Finance] should continue to hold talks with the Irish League of Credit Unions with a view to reaching agreement on a formal basis, for the treatment of dormant accounts in credit unions. Such discussions are ongoing. [It will be my] ... hope ... we can provide for inclusion of dormant ... accounts at a later date, possibly by way of extension of the current scheme by ministerial regulation.

It is clear it was the intention that credit unions be treated in the same way as other financial institutions for dormant accounts purposes from the inception of the dormant accounts legislation. I ask that the Legislature move on this and a way to do so relates to a provision of the 1977 Credit Union Act under section 44 which has never been used.