Damien English (Meath West, Fine Gael)
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Question 145: To ask the Tánaiste and Minister for Finance the value of unclaimed assets in savings accounts in the State; and if he will make a statement on the matter. [30151/07]

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 and to notify persons whose accounts or policies are due to fall dormant before transferring the money to the Fund each year. The dormancy period for bank and savings accounts is 15 years. The total value of unclaimed accounts as at 30 September 2007 transferred to the fund since the scheme's inception and which has not yet been reclaimed assets which have become dormant and remain so, is €256.7 million. In addition there is a further €37.2 million in respect of unclaimed life policies and €4.4 million in respect of the Escheated Estate Fund.