Vol. 573 No. 3
718 Mr. Coveney asked the Minister for Community, Rural and Gaeltacht Affairs the amount of money which has been raised to date from the proceeds of dormant accounts; if money raised from proceeds of dormant accounts is to be spent on the disability sector; and if not, if there is an agreed plan as to the way in which money is to be spent. [25161/03]
The Dormant Accounts Fund Disbursements Board is an independent statutory body under the aegis of my Department. The remit of the board is to prepare a plan for the disbursement of moneys from the dormant accounts fund for the purposes of programmes or projects that are designed to assist the personal, educational and social development of persons who are economically, educationally or socially disadvantaged or persons with a disability.
The board presented its disbursement plan to the Minister for Community, Rural and Gaeltacht Affairs for approval this summer and following detailed consideration of the plan, including consultation at Cabinet level, the plan was approved on 30 September subject to a number of amendments. The board is now making arrangements for the publication of the plan which is scheduled for mid-November.
In addition, the board is advancing its consideration of the practical arrangements necessary to enable commencement of the implementation of the plan. In this regard, it is anticipated that arrangements for the board to engage a service provider to administer a funding programme on its behalf will be finalised shortly.
The first transfer of moneys from credit institutions to the dormant accounts fund, managed by the National Treasury Management Agency, took place at the end April 2003. The total involved was approximately €196 million. Since then €19 million has been reclaimed and approximately €2 million earned from investing the fund, leaving a current total of €179 million in the fund. This figure includes a reserve, which must be maintained to meet claims for repayment and various costs associated with administering the scheme.
Consistent with advice received from the Department of Finance, the board has agreed that not more than €30 million should be disbursed annually.
