Figures released today reveal there is €254m in uncashed bank drafts that have been issued for more than six months, according to the Irish Financial Services Regulatory Authority.

Some €98.1m of this money is contained in bank drafts that have been issued for at least two years, and there is almost €172 million in drafts that are a year old.

IFSRA has compiled the data following a request for the information from the Oireachtas Finance Committee.

Fine Gael's Billy Timmins, who raised this issue in the Dail, wants the Finance Minister to introduce a law where drafts have a limited life, and banks are required to contact draft holders.