Dormant Accounts Fund

Wednesday, 2 November 2011

Questions (272, 273)

Mary Lou McDonald

Question:

278 Deputy Mary Lou McDonald asked the Minister for the Environment, Community and Local Government the total value of the dormant accounts fund as of the end of September 2011. [31974/11]

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297 Deputy John Browne asked the Minister for the Environment, Community and Local Government the amount of funding presently available in the dormant accounts fund; and if he will make a statement on the matter. [32267/11]

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Written answers

Minister for the Environment, Community and Local Government (Deputy Phil Hogan)

I propose to take Questions Nos. 278 and 297 together.

Dormant Accounts legislation provides for a scheme to transfer dormant accounts in banks, building societies, An Post, as well as unclaimed life assurance policies to the care of the State, while guaranteeing a right of reclaim to those funds. The legislation further provides for a scheme of disbursement, for charitable purposes, or purposes of societal and community benefit, of funds that are not likely to be reclaimed. The value of the Dormant Accounts Fund at the end of August 2011 (latest available data from the National Treasury Management Agency), net of liabilities, was €81.991m.