who holds the funds?

endofrainbow

I have a bond due to mature shortly. Irish Life tell me it can take up to 7 working days for the funds to be transferred to my account of choice, as it takes this amount of time for interest/dividends/exit tax to be calculated.

My question is, who does this money belong to as it passes from them to me - and should I not be earning interest on it?

Bizness

Must be a big whopping fund if you are complaining about losing the interest for 7 days!
I think that you would have a claim on the money during the transfer (as you would be compensated under the investor compensation fund) but regarding interest, unfortunately that's not the way it works, Irish Life take their time all right, but first the investment platform needs to close out your investments or at least balance your exit fund with incoming funds, and after that Irish Life calculate your dues minus their fees of course. The inter-bank transfer to your account can take up to 3 days or so. I suspect that Irish Life and/or their bank where the funds are held until transferred out earn some interest if it is held in an interest bearing account, but it would be paltry enough given the current ecb rate of 0.25% or virtually the same euribor rate.

endofrainbow

not complaining - but better off in my account than theirs...