Mr. Padraig Ó Cearbhaill:

Our reasons are probably different from those of others who propose this.

Many credit unions have very small balances which they carry year in, year out. There is a lot of administration work in carrying these balances. We also took the view that if a credit union was carrying a lot of dormant accounts, there was a risk of fraud. There is no finality. It goes on forever and there are costs involved. If the money is paid into the dormant accounts fund and the member turns up in 20 years' time, he or she can go to the dormant accounts fund to get his or her money back. He or she does not go to the credit union. I have done this myself.