Thousands of boxes, chests and paintings among bank vault contents, committee hears
said the contents of the vaults had “the potential to change history” but pointed out that “banks records are at best vague, or at worst non-existent”.He highlighted as an “elephant in the room” the fact that many estates have been settled after receiving the wrong information from banks about accounts they held with some safety deposit ignored by officials for generations.
“For a bank now to reunite an item with the beneficiaries... gives rise to issues around underpayments of capital acquisitions tax, penalties and interest. It also raises questions of proper succession, given that we are in the realms of property being passed through numerous generations,” he said. “I have seen paintings that are so large that they are held in pallets, I have seen single envelopes inscribed with the words ‘To be opened on my death’ which could contain a last will and testament a deed a share certificate or even a confession. Who knows?” Mr Connolly saidtold the Committee that safety deposit boxes were “not a regulated activity” which made it “very difficult to accurately quantify the number of assets” that vaults contain.
He said if the rightful heirs to the contents were traced then it could be returned to them. In the event that ownership could not be established, interesting artefacts could be put on display and if legitimate owners subsequently came forward they could stake a claim.
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