The Dormant Accounts Act 2001, together with the Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Acts 2005-2012, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings.
The legislation introduced a scheme for the disbursement of funds that are unlikely to be reclaimed but only for the purposes of programmes or projects to assist:
- the personal and social development of persons who are economically or socially disadvantaged;
- the educational development of persons who are educationally disadvantaged or
- persons with a disability.
In relation to the Deputy's query regarding the funding of projects in inner city and RAPID areas, the Dormant Accounts Action Plan for 2014 will provide diverse supports for disadvantaged communities, including measures to promote youth employment, employability and entrepreneurship, training for carers and support for people with disabilities.
The net value of uncommitted funds is currently around €114 million. This does not include a Reserve Fund, currently standing at some €65.8 million. Further data in relation to the Dormant Accounts Fund are available on my Department's website at http://www.environ.ie/en/Community/DormantAccounts/.