Phil Hogan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

The Dormant Accounts Act 2001, together with the Unclaimed Life Assurance Policies Act 2003, the Dormant Accounts (Amendment) Act 2005 and the Dormant Accounts (Amendment) Act 2012, provide a framework for the administration of unclaimed accounts in credit institutions, namely, banks, building societies, An Post and insurance companies, and in unclaimed life assurance policies in insurance undertakings. The legislation requires the institutions or undertakings to take steps to identify and contact the owners of dormant accounts and unclaimed life assurance policies.

The main purpose of the legislation is to reunite account holders or policyholders with their funds in credit institutions and insurance undertakings and, in this regard, such institutions and undertakings are required to take steps to identify and contact the owners of dormant accounts and unclaimed life assurance policies. The fund consists of a reserve account from which reclaims and various expenses are paid and an investment and disbursement account from which investments and disbursements are made.

The transfer of moneys to the dormant accounts fund takes place on the basis that the beneficial owners of the moneys have a guaranteed right to reclaim their property at any time in the future. The dormant accounts fund derives, in the main, from private bank and building society accounts and must be handled and invested prudently having regard to the constitutionally guaranteed right to private property and the confidential nature of the relationship the credit institutions enjoy with their customers. I have no plans to amend this legislation.

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