The Minister for Finance, Mr McCreevy, has moved the Bill authorising the seizure by the State of funds lying dormant in accounts for more than 15 years to the second stage in the Dail.
The State would be able to claim any funds held in dormant bank accounts for more than 15 years and distribute the monies to good causes. The measure is in response to the Oireachtas inquiry into the widescale evasion of DIRT tax by the State's financial institutions.
There are estimated to be more than 840,000 such accounts containing more than £130 million (#165 million). The money would be held in a fund to be managed by the National Treasury Management Agency and its distribution would be handled by the Minister for Social, Community and Family Affairs, Mr Ahern.
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