Government concludes review of dormant bank accounts

The Government has concluded a review of its policy on dormant bank accounts.

Decisions on disbursing money from such accounts will be made by the Government, following an evaluation process.

Legislation on dormant accounts was introduced after it emerged that millions of euro were never claimed, even after the account holders died.

Following a review of the rules in this area, the Government has decided to retain the Dormant Accounts Board.

The board will advise on priority areas to be considered annually for funding arising out of monies unclaimed.

The evaluation of applications for money in dormant accounts will be undertaken by or on behalf of statuary agencies, consistent with published criteria.

It was also decided that information on how money from these accounts is spent should be published in a clear and transparent way.