Joe Carey (Clare, Fine Gael) | Oireachtas source

On behalf of the committee, I thank Mr. Connolly for making a very strong case for regulation, reform and analysis of this very interesting area. There is no regulation, law or obligation directing the financial institutions to do anything in it. As Mr. Connolly said, the banks' records are incomplete. A good starting point would be placing an obligation on the banks to catalogue the issues involved. Deputy Ó Cuív has brought forward a very robust and logical process whereby these issues could be tackled. There are challenges and Article 43 keeps popping up its head. There are also legal complexities. The committee has discussed the issue before. We will publish a report on it, including an analysis of the current position and an outline of the steps that could be taken. We will remain in contact with Mr. Connolly. We will also consult our legal staff, with a view to drafting a Bill to address the gap in the law governing abandoned safety deposits.

I thank the delegates for attending and sharing their insights.