S.I. No. 105/2002 - Dormant Accounts (Certificate of Compliance) Regulations, 2002

1. These Regulations may be cited as the Dormant Accounts (Certificate of Compliance) Regulations, 2002.

Commencement.

2. These Regulations come into operation on the 1st day of April 2002.

Certificate of Compliance.

3. The Certificate referred to in

Section 20

(1) of the

Dormant Accounts Act, 2001

(No. 32 of 2001), shall be furnished in the form and manner for the time being approved by the Minister.

GIVEN

under the Official Seal of the Minister for Social, Community and Family Affairs, this 26th day of March 2002.

DERMOT AHERN

Minister for Social, Community and Family Affairs.

EXPLANATORY NOTE

(

This note is not part of the Instrument and does not purport to be a legal interpretation.

)

The

Dormant Accounts Act, 2001

(No. 32 of 2001) deals with dormant accounts in credit institutions. Section 20 of the Act obliges credit institutions to furnish a certificate of compliance to the Minister for Social, Community and Family Affairs not later than one month after the end of each institution's financial year, stating if this is the case that the institution has complied with the Act in respect of the following

* publication of a notice;

* transfer of monies from to the Dormant Accounts Fund;

* where no dormant accounts are held, the filing of a report to the National Treasury Management Agency to that effect;

* keeping of a Dormant Accounts Register and

* processing of claims for repayment where monies have already been transferred to the Dormant Accounts Fund.

These Regulations provide that the Certificate shall be in the form and manner approved by the Minister.

The Minister for Social, Community and Family Affairs, in exercise of the powers conferred on him by

sections 4

and

20

(1) of the

Dormant Accounts Act, 2001

(No. 32 of 2001) hereby makes the following Regulations

Citation.