Dáil Éireann Debate, Wednesday - 3 October 2012
150. Deputy Éamon Ó Cuív asked the Minister for the Environment; Community and Local Government the total funds now held in the dormant accounts funds, the amount of this that is committed to projects; the amount of the statutory reserve held; and if he will make a statement on the matter. [42185/12]
View answer151. Deputy Éamon Ó Cuív asked the Minister for the Environment; Community and Local Government the net inflows of funds into the dormant account funds in the past three years; the amount sanctioned for nes projects in this time; and if he will make a statement on the matter. [42186/12]
View answerI propose to take Questions Nos. 150 and 151 together.
Total funds as at end August 2012 in the Dormant Accounts Fund are €169.305 million as shown in the table in Appendix 1. Of that sum, €17.968 million is committed to projects, with €54.542 in the statutory reserve.
Appendix 1 provides a profile of the Fund showing yearly inflows, reclaims, disbursements, etc, from 2003 to the end of August 2012. Disbursement amounts for the last three years are listed on Appendix 2. While no new measures have been approved for funding during that time, with Departments paying down existing commitments only, I have made available €440,000 (€88,000 per town) for projects under the 5 new RAPID towns measure in the current year.
Appendix 1 Value of Dormant Accounts Fund at 31/08/2012
|
Year |
Inflows |
Gross Inflow of Funds |
Outflows |
Net Funds |
||||||
|
Banks/building societies |
An Post products |
Insurance products |
Intestate Estates |
Interest earned |
Reclaimed by account holders |
Disbursed by NTMA |
Expenses & Compliance Costs |
|||
|
2003 |
105,802,747 |
90,406,394 |
0 |
0 |
2,778,039 |
198,987,180 |
24,002,874 |
0 |
148,048 |
174,836,258 |
|
2004 |
18,387,604 |
14,642,260 |
22,994,803 |
0 |
3,802,846 |
59,827,513 |
21,080,853 |
14,000,000 |
1,055,958 |
198,526,960 |
|
2005 |
13,049,089 |
19,870,684 |
7,895,688 |
0 |
4,061,302 |
44,876,763 |
22,916,079 |
14,400,000 |
1,673,497 |
204,414,147 |
|
2006 |
20,535,464 |
52,513,242 |
7,100,575 |
0 |
6,375,902 |
86,525,183 |
44,736,631 |
33,250,000 |
1,608,356 |
211,344,343 |
|
2007 |
12,531,434 |
42,658,151 |
6,704,210 |
4,400,000 |
8,787,603 |
75,081,398 |
34,082,871 |
45,511,412 |
1,881,135 |
204,950,323 |
|
2008 |
19,644,431 |
6,239,735 |
7,149,521 |
0 |
7,561,873 |
40,595,560 |
19,500,791 |
73,050,705 |
1,999,776 |
150,994,611 |
|
2009 |
25,014,071 |
11,359,722 |
5,010,644 |
0 |
891,120 |
42,275,557 |
19,051,956 |
37,644,335 |
1,717,634 |
134,856,243 |
|
2010 |
20,970,740 |
12,304,426 |
6,009,518 |
0 |
472,958 |
39,757,642 |
20,302,633 |
20,267,035 |
1,618,257 |
132,425,960 |
|
2011 |
27,841,100 |
9,912,279 |
5,326,408 |
0 |
1,137,669 |
44,217,456 |
24,345,430 |
8,403,338 |
937,628 |
142,957,020 |
|
2012 |
18,976,039 |
10,889,787 |
7,674,387 |
0 |
829,782 |
38,369,995 |
11,742,513 |
278,845 |
0 |
169,305,657 |
|
Totals |
282,752,719 |
270,796,680 |
75,865,754 |
4,400,000 |
36,699,094 |
670,514,247 |
241,762,631 |
246,805,670 |
12,640,289 |
|
|
Liabilities on the Fund: |
|||||||
|
Of which |
|||||||
|
1. Reserve for future reclaims by account holders |
-54,542,744 |
||||||
|
2. Disbursements allocated to beneficiary projects by |
Approved |
Decommited |
Net Approved |
||||
|
(a) Dormant Accounts Fund Disbursement Board |
63,082,815 |
4,678,696 |
58,404,119 |
||||
|
(b) Government (2006) |
75,642,596 |
4,552,415 |
71,090,181 |
||||
|
(c) Government (2007) |
22,278,213 |
698,845 |
21,579,368 |
||||
|
(d) Government (2008) |
30,134,074 |
83,780 |
30,050,294 |
||||
|
(e) Government – Early Childhood Initiative (2006) |
18,000,000 |
18,000,000 |
|||||
|
(f) Government - Rural Social Scheme (2004-2008) |
64,400,000 |
64,400,000 |
|||||
|
(g) Government – Catch Up Measure 5 new RAPID towns |
1,250,000 |
|
1,250,000 |
||||
|
Sub-totals |
274,787,698 |
-10,013,736 |
264,773,962 |
||||
|
3. Remaining funds to be disbursed by NTMA on foot of approvals |
-17,968,292 |
||||||
|
Net Value of Dormant Accounts Fund (uncommitted funds) |
€96,804,621 |
||||||
Under the Dormant Accounts Act 2001, the NTMA is required to maintain a Reserve Account to meet reclaims from account holders and operational expenses of the agency and the Dormant Accounts Board.
Summary of disbursements from the Dormant Accounts Fund for the years 2009 to 2011
|
Disbursements |
2009 |
2010 |
2011 |
|
Pobal (Service provider and agent of the Dormant Accounts Board) |
€4,264,446 |
€875,000 |
€408,000 |
|
Dept. Community, Rural and Gaeltacht |
€7,739,459 |
€5,286,000 |
0 |
|
Education and Skills |
€8,403,730 |
€2,003,000 |
€1,600,000 |
|
HSE |
€8,804,948 |
€6,119,000 |
€1,242,000 |
|
Transport, Tourism and Sport |
€1,304,000 |
€395,000 |
0 |
|
Children and Youth Affairs |
€5,240,455 |
€2,966,000 |
€3,000,000 |
|
Communications, Energy & Natural Resources |
€774,457 |
0 |
|
|
Justice and Equality |
€193,105 |
€672,000 |
€209,000 |
|
Irish Prison Service |
€419,735 |
€218,000 |
€229,000 |
|
Environment, Community and Local Government |
€500,000 |
€719,000 |
€1,441,000 |
|
Social Protection |
€1,014,000 |
€274,000 |
|
|
Total |
€37,644,335 |
€20,267,000 |
€8,403,000 |
