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 F1725[benefit, assistance, child benefit, F1726[working family payment], continued payment for qualified children or back to work family dividend] 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 F1725[benefit, assistance, child benefit, F1726[working family payment], continued payment for qualified children or back to work family dividend] 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 F1725[benefit, assistance, child benefit, F1726[working family payment], continued payment for qualified children or back to work family dividend] 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,

F1727[(ca) a credit union within the meaning of the Credit Union Act 1997,]

(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.