Tuesday, 25 June 2013

Questions (422)

John Browne

Question:

422. Deputy John Browne asked the Minister for the Environment, Community and Local Government the balance in the dormant accounts fund; and if he will make a statement on the matter. [30300/13]

View answer

Written answers (Question to Environment)

Under the Dormant Accounts legislation, balances on dormant accounts with banks, building societies and An Post and the net encashment value of certain life assurance policies are paid into the Dormant Accounts Fund (DAF), which is managed by the National Treasury Management Agency. The primary purpose of the legislation is to re-unite the original account holders with their moneys, including all interest due. In addition, the legislation also provides that disbursements from the fund may be made for charitable purposes or for purposes of community benefit.

The Net Value of Dormant Accounts Fund (uncommitted funds) at the end of May 2013 was €128m. Further details of all inflows, outflows and liabilities on the Fund can be found in tabular form on www.environ.ie in the Dormant Accounts section of the Community and Voluntary Supports area under the Community heading.