S.I. No. 105 of 2002

DORMANT ACCOUNTS (CERTIFICATE OF COMPLIANCE) REGULATIONS, 2002

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.

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.

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.