Social Protection Committee publishes report on the Safe Deposit Boxes and Related Deposits Bill 2022

This Private Members’ Bill sponsored by Deputy Éamon Ó Cuív seeks to create a register of property deposits in banks.

The Bill also provides for the transfer of unclaimed funds to the Dormant Accounts Fund. All safe deposits will be recorded in chronological order and no safe deposit box held by a bank for less than 80 years will be opened.

The Committee welcomed the objective of this Bill to create a framework to allow for the identification and retention of unclaimed property in Safe Deposit Boxes, of historical, archaeological, or historic importance and held for over 80 years, and to make such property available to the state.

Speaking on the launch of the report, Committee Cathaoirleach Deputy Denis Naughten said: “I would like to commend Deputy Ó’Cuív for his dedication in proposing and advocating for the progression of this legislation and for his efforts to address this issue. I would also like to express my gratitude on behalf of the Committee to all those who sent in written submissions to the Committee and to the Office of Parliamentary Legal Advisors (OPLA) for their insight into this important Bill.

Public consultations were also held with Officials from Finders International and the Banking and Payments Federation Ireland, along with Officials from the Department of Rural and Community Development, the Department of Finance, and the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.”

The Committee has made the following recommendations:

• The Committee recommends the removal of the role of the Central Bank with regard to the Bill.
• The Committee recommends that a wider range of professions be included in the examination to be conducted, in addition to approved statutory auditors.
• The Committee recommends that section 23 of the Bill be modified to include a sufficient notice period provision to enable customers or executors to claim the property before it can be sold.
• The Committee recommends that section 23 be modified to include a general indemnity by the State in respect of any claim against an institution from a depositor.
• The Committee recommends the insertion of an intermediate step before the role of the National Museum of Ireland, whereby there will be a pre-assessment to alleviate the administrative burden that may be placed on the director of the National Museum of Ireland or her delegates.
• The Committee recommends that all former Irish Land Commission functions, records and land ownership issues should be transferred to another state body to improve the accessibility and transparency for the public. This does not relate to this Bill, but the Committee made this recommendation based on submissions received.

Read the report in full here.

Notes to Editor:

The Safe Deposit Boxes and Related Deposits Bill 2022 concerns abandoned safe deposit boxes residing in some of the oldest banks still in operation today. This Act provides for property deposited in safe deposit boxes or other such safe keeping arrangements in certain institutions. It requires such institutions to establish and maintain a register of deposited property and to take certain steps to identify and notify persons entitled to ownership of, or an interest in, certain deposited property and for those purposes to provide for the examination by institutions of certain deposited property that is unclaimed. This Bill also provides for inspection and retention on behalf of the State of unclaimed property by the Director of the National Museum of Ireland and inspection of unclaimed property by certain other bodies; it provides for disposal of unclaimed property that is not retained by the Director of the National Museum of Ireland, including by means of sale; it provides for the transfer of moneys from unclaimed property, including the proceeds of any sale of such property, to the Dormant Accounts Fund; to make certain provisions in relation to supervision and enforcement of compliance by institutions with the provisions of this Act; to make certain consequential amendments to other enactments; and to provide for related matters