Seanad debates

Wednesday, 12 February 2003

Unclaimed Life Assurance Policies Bill 2002: Second Stage.

 

With the Dormant Accounts Act, the Minister for Finance and the Government established the basic framework for addressing these concerns. The Act deals with dormant assets held by banks, building societies and An Post. Its success in meeting its primary goal, reuniting people with long lost or forgotten assets, has been significant, with almost half the moneys which lay dormant last March having been reclaimed in less than 12 months. It is not often that legislation emanating from the Department of Finance results in such an obvious windfall to members of the public. The successful achievement of this objective of the scheme is commendable.

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