Social Welfare Consolidation Act 2005

Recovery of payments from financial institutions.

[2001 s22]

340.—(1) Notwithstanding any enactment or rule of law, where sums are due to the Minister or the Social Insurance Fund in accordance with section 336 or 338 because benefit or assistance which was intended for a beneficiary was paid to a financial institution for the credit of an account kept with that institution by the beneficiary and he or she dies before the payment or payments were made, the benefit or assistance may be recovered from the financial institution in accordance with subsection (2).

[2001 s22]

(2) The Minister may give written notice to a financial institution requiring the institution to pay to the Minister, within the period specified in the notice, the lesser of the following amounts:

(a) the amount specified in the notice, being the amount of benefit or assistance recoverable in accordance with subsection (1); or

(b) the amount standing to the credit of the account when the notice is received by the institution;

and the financial institution shall comply with such a direction.

[2001 s22]

(3) In this section “financial institution” means—

(a) a bank which is the holder of a licence under section 9 of the Central Bank Act 1971 ,

(b) a trustee savings bank within the meaning of the Trustee Savings Banks Act 1989 ,

(c) a building society within the meaning of the Building Societies Act 1989 ,

(d) a post office savings bank established under the Post Office Savings Bank Acts 1861 to 1958, or

(e) any other body that may be prescribed.