Oireachtas Joint and Select Committees

Wednesday, 24 May 2023

Joint Oireachtas Committee on Social Protection

Safe Deposit Boxes and Related Deposits Bill 2022: Discussion

Mr. Pat Leahy:

We do not regulate safety deposits. There is no regulation of safe deposit boxes in banks. They do not come within the purview of the Central Bank so we would not have a role in terms of the recovery of that property. It would really be a matter for the individuals involved and a matter for the bank to maintain the duty of care that it has towards the individuals. The Central Bank would be more interested in making sure that the winding down of both Ulster Bank and KBC occurred properly and that the financial assets were transferred appropriately to AIB, Bank of Ireland and PTSB.

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