€17k award against bank

A Dublin businessman who stashed away two €6,350 bonds for a rainy day was told when he went to cash them that the accounts had been closed years ago, the Circuit Civil Court heard yesterday.

Brendan Dunne was yesterday awarded €17,400 plus legal costs in his action against Danske Bank.

Mr Dunne, aged 62, said he and his late father, James Dunne, invested almost 30 years ago in two Cash Bonus Certificates which were deposited in a security envelope at a Northern Bank (Ireland) — now Danske Bank — branch.

He told his counsel, Stephen Moran, that he had intened to cash in the certificates when he retired, and had not enquired about them because it was “money to be forgotten about”, as he thought it was in a safe place.

The court heard that he was told by the bank two years ago that the branch was discontinuing its safety deposit facility and he was asked to come and collect the two documents.

Mr Dunne, who inherited the certificates when his father died 14 years ago, said that when he had wanted to cash them, he was told that the accounts had been closed years ago.

Circuit Court President Mr Justice Raymond Groarke heard that neither Mr Dunne nor his father had closed the accounts, and that there was a requirement written on the certificates that they should be handed in to be cashed.

Mr Dunne, of Granville Rd, Cabinteely, Co Dublin, sued Danske Bank A/S for breach of contract. He claimed he was owed €20,851, comprising of the principal sum, interests, and bonus.

The bank claimed the accounts had been closed more than 15 years ago, allegedly by Mr Dunne’s father. It had no records of the closure as regulations obliged them to keep documents for a limited period only.

It claimed that if the accounts had not been closed, the funds would have been transferred to the National Treasury Management Agency after 15 years.

The bank also claimed that Mr Dunne should have enquired earlier about the accounts and that his claim was now statute-barred.

Judge Groarke, awarding Mr Dunne €17,400 along with costs, said he was satisfied that Mr Dunne’s father did not close the accounts. He said Mr Dunne was entitled to believe that nobody could touch the funds while he held the certificates.