Dormant Accounts Act, 2001

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Chapter 5

Repayment of Moneys Transferred to Fund

Claims for repayment.

19.—(1) Where an institution has transferred moneys from a dormant account to the Fund under section 12 , a person (in this section referred to as the “claimant”) may claim, from the institution, repayment of moneys so transferred.

(2) A claim under subsection (1) shall be—

(a) in writing,

(b) signed by the claimant, and

(c) accompanied by the documents and information that the institution may require.

(3) Where a claimant proves to the satisfaction of the institution that he or she is the holder of the relevant account, the institution shall, within 28 days from the date of the receipt of the claim, notify the Agency, in writing, of—

(a) the amount of the moneys transferred to the Fund under section 12 , and

(b) the amount of any accrued interest on those moneys for the period commencing on the day on which the moneys were transferred to the Fund under section 12 and ending on the twenty-first day after the date of notification to the Agency under this subsection,

and the Agency shall pay to the institution, within 21 days after the date of the notification, the total of the amounts specified in paragraphs (a) and (b).

(4) Within 7 days of the receipt of payment under subsection (3), an institution shall—

(a) subject to the deduction of any charges that may lawfully be withheld by the institution, pay to the claimant the total of—

(i) the amount of moneys referred to in subsection (3)(a),

(ii) the amount of any accrued interest referred to in subsection (3)(b), and

(iii) any further interest that accrues in respect of the amounts referred to in subsections (3)(a) and (b) for the period commencing on the twenty-second day after the date of the notification to the Agency under subsection (3) and ending on the date of payment to the claimant;

and

(b) provide to the claimant, in writing, a statement of account.

(5) The rate of interest for the purposes of this section shall be determined in accordance with the contractual arrangements between the account holder and the institution at which the account concerned is held.

(6) The accrued interest referred to in subsection (4)(a)(ii) shall, for the purposes of Chapter 4 of Part 8 of the Taxes Consolidation Act, 1997 , be deemed to be a payment of an amount of relevant interest paid by the institution on the date of the payment to the claimant under that subsection.

(7) A person who fraudulently makes a claim for repayment under subsection (1) shall be guilty of an offence.

(8) (a) Where an institution has been wound up, the liquidator appointed to the institution shall, in addition to his or her duties and obligations in respect of the winding up and following dissolution of the institution, submit the register to the Central Bank.

(b) Where a register is submitted to the Central Bank under paragraph (a), the Central Bank shall—

(i) process, in accordance with this section, claims for repayment of moneys transferred by the institution to the Fund under section 12 , and

(ii) enter in the register the particulars specified in paragraphs (f) and (g) of section 14 (2).