Decisions on the disbursement of funds from dormant accounts moneys are a matter for the Dormant Accounts Fund Disbursements Board, an independent body established under the Dormant Accounts Acts. The board engaged Area Development Management Limited, ADM, to administer the initial round of funding on its behalf involving the disbursement of up to €60 million from the fund.
An application from the group to which the Deputy referred was received by ADM and evaluated against the criteria set out in the published guidelines. I understand the board decided not to approve the application and that the group was advised of the decision on 15 April 2005. I am advised that the group has requested the board to review its decision. The review is being processed and the outcome should be known shortly.
The Deputy will be aware that the Government decided in December 2003 to bring forward legislative changes to arrangements for dormant accounts funding. Arising from the decision, the Dormant Accounts (Amendment) Bill was published on 24 June 2004 and became law on 25 May 2005. The Act provides for key changes in decision making on disbursements from the fund and a reconstituted board. Arrangements for future allocations from the fund, which will be subject to the provisions of the amended Act, are under consideration.