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Dormant Bank Accounts Consultation Paper

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A decision made (12.12.2008) to approve the green paper concerning a proposed dormant bank accounts scheme.

Decision Reference:  MD-E-2008-0239

Decision Summary Title :

Dormant Bank Accounts Consultation Paper

Date of Decision Summary:

11 December 2008

Decision Summary Author:

 

James Mews,

Finance Industry Development

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Dormant Bank Accounts Consultation Paper

Date of Written Report:

11 December 2008

Written Report Author:

James Mews,

Finance Industry Development

Written Report :

Public or Exempt?

 

Public

Subject:   

The issuing of a consultation paper on a proposed Dormant Bank Accounts scheme.

 

Decision(s):

The Minister for Economic Development approved the green paper concerning a proposed dormant bank accounts scheme and determined that it should be published by the Department and presented to the States Assembly.

 

Reason(s) for Decision:

A significant number of account holders forget about or lose track of their bank accounts.  It is proposed that a Dormant Bank Accounts scheme should be introduced to reinvest dormant deposits for the benefit of the Island as a whole. 

 

Resource Implications:

No measurable cost or manpower implications arise for the Commission, the States or industry.

 

Action required:

The Minister approved the consultation paper and the Greffier was requested to present it to the States Assembly.  The Finance Industry Executive to take such steps as are necessary for it to be published by the Department, including uploading the document to the departmental website.

 

Signature:  Senator P.F.C.Ozouf

 

Position: Minister for Economic Development

 

Date Signed:

 

Date of Decision (If different from Date Signed):

 

 

 

 

 

 

 

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