Written answers
Tuesday, 13 June 2006
Department of Finance
Dormant Accounts Fund
9:00 pm
Brian O'Shea (Waterford, Labour)
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Question 238: To ask the Minister for Finance the number of dormant accounts, the proceeds of which have been paid into the Dormant Accounts Fund that were opened by Irish exiles residents in the UK; and if he will make a statement on the matter. [22617/06]
Brian Cowen (Laois-Offaly, Fianna Fail)
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Under the Dormant Accounts Act 2001 and the Unclaimed Life Assurance Policies Act 2003, credit institutions and insurance undertakings are required, each April, to transfer to the National Treasury Management Agency, all moneys falling dormant in the previous year. Each credit institution and insurance undertaking is also required under the legislation to keep a register of their dormant accounts or policies. However, there is no legal requirement or business reason for them to compile a breakdown based on the country of residence of the account-holder. The information requested by the Deputy is not, therefore, available.
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