Transparency

Dormant accounts

Presidential Decree No. 116 of June 22, 2007 - Regulations implementing Article 1, Section 345, of Law No. 266 of December 23, 2005 on dormant deposits. On August 17, 2007, the regulations on dormant deposits (Presidential Decree No. 116 of June 22, 2007 - published in Official Gazette No. 178 of August 2, 2007) came into force. In summary, the Regulations stipulate that: - "dormant" means deposits of sums of money and deposits of financial instruments in custody and administration, in relation to which no operation or movement has been carried out at the initiative of the owner of the account or third parties delegated by the latter for 10 years starting from the date of free availability of the sums or financial instruments; – upon expiry of the aforesaid time limit, the "dormant" deposit must be discharged, pursuant to Article 3 of the provision in question, unless, within 180 days from the communication by the broker, the owner carries out a transaction or movement (including the express communication to the Bank of the intention to continue with the account). The deposited sums will therefore be transferred to a public fund (the fund referred to in Article 1 Section 343 of Law 266/2005).

"Dormant" Bearer Deposits

For bearer accounts, since the Bank is not in a position to know the owner of the account, communication to affected customers is made by displaying a notice in the Bank's premises open to the public through the website. Holders of bearer deposits (e.g., savings account, certificate of deposit, etc.) that have not had any movements for 10 years are urged to make orders against these accounts within the 180-day period from this notice. If no transaction or movement is carried out within the 180-day period in relation to the aforementioned accounts, they shall, pursuant to Article 3 of the said regulations, be discharged in the manner and terms established by law. During 2017, no reports that could be defined as "dormant" were identified.