The Gazette 1976

THE INCORPORATED LAW SOCIETY OF IRELAND GAZETTE JUNE - JULY 1976 VOL. 70 NO. 5

BANK STRIKE In anticipation of a closure of the Associated Banks, the Council of the Society at its meeting on 17th June, 1976, authorised the President to make the Solicitors Accounts (Amendment) Regulations, 1976 (S.I. No. 125 of 1976) as set out in these columns. Since the Statutory Instrument was made, the President has approved the following banks licensed b y the Central Bank under the terms of Section 9 of Ine Central Bank Act, 1971, for the purposes of the Accounts Regulations: — Allied Irish Banks Ltd. Allied Irish Investment Bank Ltd. Ansbasher & Co. Ltd. Investment Bank of Ireland Ltd. Northern Bank Finance Corporation Ltd. it It has been drawn to the Society's attention that the 'First National City Bank of Chicago" as listed in the Regulations, should have been designated as the "First National Bank of Chicago". The Society has written to the Irish Banks Standing Committee on various problems arising for the pro- fession during the currency of the strike and in the settlement of various problem situations thereafter. A re ply is awaited. The situation regarding the lodgment and payment moneys in High Court Actions etc., has been raised with the Accountant of the Courts of Justice by Mr. Houlihan, member of the Superior Court Rules Com- mittee. In reply the Accountant has stated: — The position is that my cash account is kept in the B ank of Ireland as the Rules of Court require. The Ulster Investment Bank Ltd. Anthony Gibbs Ireland Ltd. City of Dublin Bank Ltd. Irish Intercontinental Bank Ltd- Trinity Bank Ltd.

drafts which have recently come into your possession are drawn on this account and regrettably cannot be paid out of my account until the Bank of Ireland re- opens. I could not have anticipated this difficulty by transferring my cash account or part of it to another Bank before the strike began as this procedure would be contrary to Order 77 Rule 20. This Rule provides that all moneys to be lodged in Court shall be paid in at the Bank, the Bank being de- fined in Order 111 as the Bank of Ireland. Presumably the cheques to which you refer are drawn on accounts in Banks also affected by the strike. If so it would not be possible to have such cheques cleared for lodgment in Court during the closure of the Banks of issue. The position outlined about obtained during the closure of the Banks in 1970/1971. Regarding notional lodgments of cash under Order 22, this is a matter for arrangement between the parties to the Court Actions; and such arrangements were common during the last closure. In fact the forms of Request for Lodgment (Order 77 Rule 21 No. 9) were lodged in this Office in the usual way by the Solicitors for the defendants during the entire period and the Accountant's direction for lodgment was signed by him and the forms returned to the Solicitors even though the actual lodgments could not be made at the time. I would mention, however, that funds not yet lodged in Court are not subject to these Rules, and where cash is available, it might be placed on deposit account in any of the Banks specified in the Trustee (Author- ised Investments) Act, 1958. Some of these are open for business, e.g. the Post Office Savings Bank, Trustee Savings Banks in the State and the Agricultural Credit Corporation Limited".