Oireachtas Joint and Select Committees

Wednesday, 6 March 2019

Joint Oireachtas Committee on Rural and Community Development

Banking Legislation: Discussion

Photo of Éamon Ó CuívÉamon Ó Cuív (Galway West, Fianna Fail) | Oireachtas source

If European rules are that stupid, it is time that we changed them. I sometimes wonder if we have come to the point of living in the real world at all but we will not come to that matter of dormant accounts. It is ridiculous. One could say that everything is a liability. I am probably diverging slightly here but the Chair might indulge me. My view was always that anybody who wants their money back would get it back and that that would be unlimited. They get it back in the following order. First, they get it from this year's influx. If that was not sufficient, which had a million to one chance in any one year, they would get it out of the statutory reserve. Otherwise, they would get it out of the money on-hand that the Dormant Accounts Fund inevitably always has. If that was not sufficient either, rather than saying that they would get it out of the State having this contingency, they would get it from the next money that would come in. I would love to go to Paddy Power and place a bet that one would ever get that far in the contingency. It is a bit of a codology of Government accounting. If EUROSTAT rules are that stupid, it dramatically reduces my belief in their intelligence.

Comments

No comments

Log in or join to post a public comment.