Oireachtas Joint and Select Committees
Thursday, 20 September 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Credit Union Bill 2012: Discussion (Resumed)
1:10 pm
Mr. Des Gunning:
The Dormant Accounts Act refers to a balance that has not had a customer-initiated transaction in 15 years. Internationally, that is at the conservative end of the definition. In the state of California it is three years but I am sure they have more repayments in California than they have in Ireland. I have not been able to estimate the quantum of dormant funds in Irish credit unions.
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