Billy Timmins (Wicklow, Fine Gael)

I appreciate the points raised by the Minister in his reply. I have followed this issue for some years. However, the Department and the Irish Financial Services Regulatory Authority have been reticent with regard to getting involved as they did not see that there is a problem. There is an issue and I am aware that the preliminary figures given may not be as accurate as they should be and they are looking to establish exactly what is there. In many cases, people got bank drafts, which were later forgotten about, and when they passed away, the drafts were uncashed, similar to the situation of dormant accounts. In many cases, the banks know the original holders of these drafts, yet they are not obliged to inform the person and there is no timeframe on the validity of a bank draft. When the Irish Financial Services Regulatory Authority finalises its figures, a substantial amount of money will be involved. The initial figure for two years or older was €98 million, but following the publicity of this issue it will be somewhat less than that. Following the publicity of this issue people who had worked in banks have informed me that they were aware of outstanding bank drafts. Will the Minister examine the concept of putting a time limit on a bank draft? This would put an onus on the financial institutions to contact the holder of the bank draft informing them that its shelf life is coming to an end.

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