Denis Naughten (Roscommon-South Leitrim, Independent)
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704. To ask the Minister for Environment, Community and Local Government if he will consider including dormant safety deposit boxes under the provisions of the Dormant Accounts Acts, or other similar statutory provisions; and if he will make a statement on the matter. [30263/15]

Ann Phelan (Carlow-Kilkenny, Labour)
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The Dormant Accounts Acts 2001 to 2012, together with the Unclaimed Life Assurance Policies Act 2003, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings. The main purpose of the legislation is to reunite account holders/policy holders with their funds in credit institutions/insurance undertakings and in this regard, institutions/undertakings are required to take steps to identify and contact the owners of dormant accounts and unclaimed life assurance policies. Dormant funds/unclaimed life assurance policies, which have not been reclaimed by the original account/policy holder or their beneficiaries, are transferred each year by the financial institution/insurance undertaking to the Dormant Accounts Fund (the Fund) which is managed by the National Treasury Management Agency (NTMA). The transfer of monies takes place on the basis that the beneficial owner will have a guaranteed right of reclaim to their property at any time in the future.

The legislation also introduced a scheme for the disbursement of funds that are unlikely to be reclaimed but only for the purposes of programmes or projects to assist the personal and social development of persons who are economically or socially disadvantaged; the educational development of persons who are educationally disadvantaged or persons with a disability (within the meaning of the Equal Status Act 2000).

In practical terms, increasing the amount available in the Fund does not necessarily allow for the introduction of new dormant accounts measures or programmes. Whilst applying the provisions of the dormant accounts legislation to the unclaimed content of safe deposit boxes would increase the amount available in the Fund, Government Departments and agencies would still have to source monies for dormant accounts programmes and measures from their Exchequer allocation, in the same way as with any other funding programmes.

In addition, the unclaimed content of safe deposit boxes is the property of the safe deposit holder or those acting on behalf of the estate thereof. Any transfer of this personal property, which may contain important legal documents such as deeds and wills, jewellery, art or family heirlooms to the Dormant Accounts Fund would raise complex constitutional, legal and operational issues. Consequently, I have no plans to amend the legislation to add the unclaimed content of safe deposit boxes to the Dormant Accounts Fund.