I propose to take Questions Nos. 8, 35, 76, 78 and 85 together.
The Dormant Accounts Fund Disbursements Board published its first disbursement plan on 7 November 2003. The plan sets out the board's priorities for funding up to June 2005. It provides for the distribution of funds to assist programmes or projects targeting three broad categories of persons – those affected by economic and social disadvantage, those affected by educational disadvantage, and persons with a disability.
The plan provides for the distribution of funding annually between the three categories along the following lines. At least 40% of total funding will be allocated to economic and social disadvantage, at least 25% for educational disadvantage, and at least 25% for persons with a disability.
One of the main features of the plan is the ring-fencing of a significant level of disbursements from the fund towards projects in those areas designated as suffering particular disadvantage. In this regard, the total allocation in the first year of the plan under the economic and social disadvantage heading will be for the purposes of assisting programmes or projects within RAPID, CLÁR and drugs task force areas. In subsequent years, those areas will receive not less than half the annual allocation under this heading. In addition, not less than half the annual allocations for the purpose of educational disadvantage will go towards programmes or projects within RAPID and drugs task force areas.
Another feature of the plan is the intention to ensure that funding for persons with a disability is prioritised towards those who require more intensive levels of support in the areas of health and personal social services. Older people are specified in the plan as one of the target areas for priority support. The plan also includes support for information technology as a measure to tackle disadvantage. Within this context, it is anticipated that projects to promote access to and competence in technology for older people will be supported from the fund.
The board has engaged Area Development Management Limited, ADM, to administer the initial round of funding on its behalf. In this regard, an invitation to organisations, groups, etc. to make applications for funding under the scheme was advertised in the national press on Friday, 21 November. ADM will receive and assess applications for funding and make recommendations to the Dormant Accounts Fund Disbursements Board for decision. At this stage, as I cannot predict the number of applications that are likely to be submitted, I am not in a position to specify how much will be paid out of the fund prior to the end of 2003. With regard to spending from the fund in 2004, consistent with advice from the Department of Finance, the board has agreed to disburse a figure not in excess of €30 million.
I strongly refute the suggestion from one of the Deputies that dormant accounts moneys will be used to compensate for cutbacks in other areas of the Department. In this context, it should be noted that subhead L in my Department's Vote for 2004 provides €42.2 million for local development and social inclusion measures. While the amount provided this year was €44.662 million, it should be noted that the provision in 2003 included a budget of €1.5 million to support the implementation of the RAPID programme. Therefore, the real reduction in subhead L next year is 2%.
With regard to the Unclaimed Life Assurance Policies Act 2003, the position is that the Act provides for similar arrangements for unclaimed life assurance policies as apply to dormant accounts in banks, building societies and An Post. The Act requires insurance undertakings to take steps to identify and contact the owners of the unclaimed policies. If the owners cannot be traced, then the proceeds of the policies will be transferred to the dormant accounts fund and surplus funds disbursed by the Dormant Accounts Fund Disbursements Board for the purposes of community and societal benefit.
The Act provides that the transfer of moneys by insurance undertakings from unclaimed life assurance policies to the dormant accounts fund will take place at the end of April each year, beginning in April 2004. At this stage, the yield to the fund from life assurance policies is unknown and will only become clear following the first transfer of funds next year.