Dáil Éireann Debate, Tuesday - 22 June 2004
286 Mr. O’Shea asked the Minister for Community, Rural and Gaeltacht Affairs the amount of money currently in the dormant accounts fund; the amount allocated from the fund; the amount paid out; and if he will make a statement on the matter. [18617/04]
View answerThe current value of the dormant accounts fund is in the region of €225 million. This figure includes amounts transferred to the fund in 2003, €196 million, and in 2004, €56 million. Since the fund was established in May 2003, approximately €31 million has been reclaimed and €4 million earned in interest. The total amount in the fund includes a reserve, which must be maintained to meet claims for repayment and various costs associated with administering the scheme.
Decisions on the disbursement of funds from dormant accounts moneys are currently a matter for the Dormant Accounts Fund Disbursements Board, an independent body established under the Dormant Accounts Acts. The board has engaged Area Development Management Limited, ADM, to administer the initial round of funding on its behalf which will involve the disbursement of up to €30 million from the fund.
To date, the board has approved 56 projects for funding totalling approximately €5.6 million. The drawdown of funding for the projects approved is subject to the satisfactory completion of legal contracts between the individual groups and the board. In this regard, contracts have been issued to 46 of the approved groups and as soon as these contracts are signed and returned, individual groups will be in a position to draw down funds. With regard to the remaining ten projects which were approved by the board at its meeting last Tuesday, 15 June 2004, contracts are currently being finalised and will issue within the next week.
