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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