Oireachtas Joint and Select Committees

Wednesday, 18 May 2022

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland

Photo of Mairéad FarrellMairéad Farrell (Galway West, Sinn Fein) | Oireachtas source

Gabhaim buíochas leis na finnéithe as teacht os comhair an choiste. A number of my questions have been asked, which is unfortunately the way sometimes when you are late to ask questions in a committee meeting. I have two key questions that follow on from questions that have been raised. First, Deputy Jim O'Callaghan spoke about accounts that are inactive and then become dormant. I understand that what was being said was that once these accounts are inactive, they go into a trust and it takes 15 years for an account to become dormant and then revert to the State. Are the witnesses saying those moneys will be kept within that trust for 15 years?

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