Brian Lenihan Jnr (Dublin West, Fianna Fail)

I wish to highlight the most significant amendments concerning dormant funds, which are now contained in sections 33 to 38, inclusive, of the Bill as passed by the Dáil. In amendments Nos. 39 and 41 certain new definitions have been added. The new definition of financial institutions allows greater flexibility to the Courts Service when deciding which financial institution should handle its account. The Bank of Ireland has always held the account and was specifically mentioned in previous Funds of Suitors Acts and, previously, in this Bill. There is no complaint whatsoever about the Bank of Ireland; it is simply deemed prudent to provide freedom of choice to the Courts Service. For the first time, an explicit definition of the nature and extent of the indemnity offered should any loss be caused to someone who holds a dormant account is provided.

Amendment No. 42 is critical and will permit the future realisation of dormant investments on each five year anniversary of the passage of the Act. Amendment No. 43 makes clearer the provision for the transfer of the dormant funds of suitors to the Exchequer. From time to time, the Chief Justice may now direct the amount of dormant funds to be paid to the Exchequer, while not exceeding 97.5% of the total amount available. The provision makes available a small reserve and rolling mechanism to enable the future disposal of all realised dormant funds without recourse to new legislation. The previous reference to the Bank of Ireland in this section has also been deleted.

Having noted the comments of Senators in March, I am now providing in amendment No. 45 for a public notification procedure of the transfer of the funds. Amendment No. 46 makes provision for the creation of a registration system for dormant funds. While these matters did not feature in any previous Funds of Suitors Acts, they are now necessary to assist and inform any persons who might have a claim on these dormant funds.