Dormant Accounts Bill 2001

Public bill · Government · Presented

The Dormant Accounts Bill 2001 would transfer long-inactive money in banks, building societies and the Post Office Savings Bank into a State-managed Dormant Accounts Fund, while protecting owners’ right to reclaim it, with interest. Money unlikely to be reclaimed could be distributed for charitable, community and wider social benefit through a new board; the fund would be managed by the National Treasury Management Agency and overseen through reporting and inspections. It would also allow certain money from the Intestate Estates Fund to enter the scheme, while ensuring funds remain available for valid claims.

Formal long title

Bill entitled an Act to provide for the transfer of moneys from dormant accounts and the Intestate Estates Fund Deposit Account to a fund to be known as the Dormant Accounts Fund; to confer functions on the National Treasury Management Agency in relation to the control and management of the Fund; to provide for the disbursement of moneys (including the repayment of moneys to persons entitled thereto) from the Fund; to establish a body to be known as the Dormant Accounts Fund Disbursements Board and to define its functions; to provide for the appointment of inspectors; to amend the State Property Act, 1954, and to provide for related matters

Last updated 20 November 2019