{"id":660,"date":"2021-06-12T22:38:48","date_gmt":"2021-06-12T22:38:48","guid":{"rendered":"http:\/\/legalblog.ie\/?p=660"},"modified":"2021-06-13T08:23:25","modified_gmt":"2021-06-13T08:23:25","slug":"dormant-accounts","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/dormant-accounts\/","title":{"rendered":"Dormant Accounts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/dormant-accounts\/#Transfer_to_Fund\" title=\"Transfer to Fund\">Transfer to Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/dormant-accounts\/#Fund\" title=\"Fund\">Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/dormant-accounts\/#Process\" title=\"Process\">Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/dormant-accounts\/#NTMA_Management\" title=\"NTMA Management\">NTMA Management<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Transfer_to_Fund\"><\/span>Transfer to Fund<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Dormant Account Act provides a scheme for the transfer of dormant funds in banks, building societies and the post office bank to the care of the State.\u00a0 It preserves the right to reclaim the funds.\u00a0 It provides for a scheme for the disbursement for charitable purposes or purposes of societal and community benefit, \u00a0of funds that were not claimed.\u00a0 \u00a0The Minister may make regulations for the purpose of giving effect to the legislation.<\/p>\n<p>Institutions have obligations in relation to dormant accounts.\u00a0 They must notify holders of the accounts.\u00a0 Where accounts are valued below certain amounts or other conditions apply, it is obliged to publish a notice in national papers.<\/p>\n<p>Where there has been no transaction on the account for a specified number of years, the institution is to transfer the monies to the Dormant Account Funds.\u00a0 Each institution is to make a statement to the NTMA of monies transferred.\u00a0 Where an institution is wound up or has its licence revoked, no further monies are to be transferred to the account until such time as it is entitled to do so again.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fund\"><\/span>Fund<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Dormant Accounts Fund is managed by the NTMA.\u00a0 It consists of a reserve account into which monies are applied to meet repayments to claimants as well as fees, costs and expenses, of the NTMA and those of Inspectors and the investment and disbursement account.<\/p>\n<p>If the reserve account is depleted, monies from the investment and disbursement account are to be transferred.\u00a0 If the latter account is also depleted, the Central Bank is to make advances to fund the same.<\/p>\n<p>The NTMA is to prepare annually an investment plan for the fund having regard to the Board&#8217;s disbursement plan and any guidelines by the Minister.\u00a0The procedure for the owner of a dormant account to make a reclaim is set out.\u00a0 There is provision in relation to interest to be applied.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Process\"><\/span>Process<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Each institution shall furnish an annual certificate of compliance furnished by a duly authorised officer to the Minister.\u00a0 It is in a prescribed form and is to certify compliance with legislation. There are extensive Inspector powers, equivalent to those under the unclaimed life policy legislation.<\/p>\n<p>There is the power to examine the books and records of banks to verify compliance with legislation.\u00a0 A report may be made in relation to breach to the Minister.\u00a0 On foot of the Inspectors report, the Minister may issue a direction to an institution compelling it to comply with legislation or remedy a material defect in the institution&#8217;s systems regarding dormant accounts.<\/p>\n<p>Provision is made for the establishment of the Board and its corporate governance.\u00a0 There are nine members of the Board to be appointed by the Minister based on guidelines.\u00a0 The term of office is five years.\u00a0 When the Board gives a direction to the NTMA to make a disbursement, it shall have regard to its own disbursement plan.\u00a0 If it proposes to make disbursements in excess of \u20ac300,000, it requires the prior consent of the Minister.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"NTMA_Management\"><\/span>NTMA Management<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The NTMA is to make an annual report to the Board on details of monies in the fund.\u00a0 The Board is to annually make a report of its activities to the Minister.\u00a0 The NTMA is to keep accounts in relation to the fund and in relation to its management.\u00a0 They are to be transmitted to the Comptroller and Auditor General for audit.<\/p>\n<p>The chief executive of the NTMA accounts to the PAC, Public Accounts Committee for the functions of the NTMA under the Act.\u00a0 The chairperson of the Board accounts to the PAC for matters relating to the functions of the Board.<\/p>\n<p>Where an institution transfers money to the fund or notifies the NTMA of a claim for repayment, it shall not identify the account holder.\u00a0 Where the Minister for Finance transfers monies to the fund from the intestate estates, the fund deposit account or applies for repayment of any funds from the fund, he shall not identify a deceased person or a person rightfully claiming the monies.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-660\" data-postid=\"660\" class=\"themify_builder_content themify_builder_content-660 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Transfer to Fund The Dormant Account Act provides a scheme for the transfer of dormant funds in banks, building societies and the post office bank to the care of the State.\u00a0 It preserves the right to reclaim the funds.\u00a0 It provides for a scheme for the disbursement for charitable purposes or purposes of societal and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[43],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/660"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=660"}],"version-history":[{"count":3,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/660\/revisions"}],"predecessor-version":[{"id":678,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/660\/revisions\/678"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}