Oireachtas Joint and Select Committees

Wednesday, 24 May 2023

Joint Oireachtas Committee on Social Protection

Safe Deposit Boxes and Related Deposits Bill 2022: Discussion

Photo of Donnchadh Ó LaoghaireDonnchadh Ó Laoghaire (Cork South Central, Sinn Fein) | Oireachtas source

I am not sure whether it was Mr. Leahy or Mr. Jordan who made the point that it would be on the grounds that realistically the financial value that would be involved would not be very significant. Nonetheless, it is important the legislation has some mechanism because it is possible, whether across all the safe deposit boxes, if a dozen had a very substantial amount of cash. Even when you allow for depreciation, there has to be a mechanism to do something with it. That sum of money could not simply be discarded. You would like to see it being put to use. In the context of what the Exchequer deals with, it is not huge. Yet, to an individual project, it could be substantial. It is therefore important that that mechanism exists.

Mr. Jordan may want to come in, but I will just put one more question to Mr. Leahy first. The Deloitte report tells us we do not know much is there in value.

Is it known how many safe deposit boxes or equivalent items there are?

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