Dormant Accounts

On August 2, 2007, the Regulation on dormant accounts (Presidential Decree No. 116 of June 22, 2007) entered into force.

The Regulation establishes that:

• deposits of sums of money subject to a repayment obligation (term deposits, current accounts, certificates of deposit, etc.) and deposits of financial instruments held in custody and under administration, whose value exceeds 100 euros and in respect of which no transaction or movement has been carried out at the initiative of the account holder (or third parties delegated by the account holder) for a period of 10 years, starting from the date on which the funds or financial instruments became freely available;

• the Bank shall send the holder of the dormant account, by certified mail (with return receipt requested), a request to provide instructions regarding the account within 180 days of receiving the notice;

• if this final deadline expires without the account holder having carried out any transaction or activity (which also includes expressly notifying the Bank of the intention to continue the account), the Bank closes the dormant account and transfers the corresponding amount to the Fund referred to in Article 1, paragraph 343, of Law 266/2005 (the Fund is intended to compensate savers who, having invested in the financial market, have fallen victim to financial fraud).

Dormant Bearer Accounts

With regard to bearer accounts, for which the Bank is unable to identify the account holder, notification to the affected customers is provided by posting a notice in the Bank’s premises open to the public and through its website. Holders of bearer accounts (savings passbooks, certificates of deposit, etc.) that have shown no activity for 10 years are requested to issue instructions regarding such accounts within 180 days of the Bank’s notification. If no transaction or activity is carried out in relation to the aforementioned accounts within the 180-day period, these accounts will be closed in accordance with the procedures and terms established by law.

Please note that, in addition to bearer accounts, the list includes “dormant” registered accounts that, for various reasons, cannot be traced back to fully identified customers, and for which the guidelines regarding bearer deposits apply.

Extract as of December 31, 2014: