Dáil Éireann Debate, Tuesday - 16 July 2013
784. Deputy Dessie Ellis asked the Minister for the Environment, Community and Local Government the total amount of funds in dormant accounts; the amount being transferred in the past three years; the amount expected to be transferred in 2013; and the way this money will be used. [34843/13]
View answer808. Deputy Kevin Humphreys asked the Minister for the Environment, Community and Local Government when he intends to resume disbursement of funds from the dormant accounts fund, DAF; if he will provide an update on the current status of money in the account, including the current balance; the amount that was disbursed in 2011, 2012 and to date in 2013; the amount added to the DAF in each of those years to date; and if he will make a statement on the matter. [35169/13]
View answer818. Deputy Aengus Ó Snodaigh asked the Minister for the Environment, Community and Local Government the total amount sitting in the dormant accounts fund; the amount that has been transferred in the past three years; the amount expected to be transferred in 2013; and the way this money will be used. [35278/13]
View answerI propose to take Questions Nos. 784, 808 and 818 together.
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 reunite 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 gross inflows into the Dormant Accounts Fund for the years 2010, 2011, 2012 and to end May in 2013 were €39.8 million, €44.2 million, €45.4 million and €43.7 million, respectively. Amounts reclaimed by account holders in the same years are €20.3 million, €24.3 million, €22 million and to end May 2013, €8 million. The amount of funding disbursed from the Dormant Accounts Fund by the National Treasury Management Agency for existing projects was €8.4 million in 2011, €4.16 million in 2012, and to end May in 2013, €37,556. The Net Value of the Dormant Accounts Fund (uncommitted funds) at the end of May 2013 was €128 million. Further details of all inflows, outflows and liabilities on the Fund can be found in tabular form at http://www.environ.ie/en/Community/DormantAccounts/PublicationsDocuments/FileDownLoad,26542,en.doc.
I have allocated €6.385 million for Dormant Accounts Measures in 2013, which includes €2.835 million to cover once off costs such as health and safety training, personal protective clothing, and necessary equipment and materials that will be incurred by local authorities providing placements in the Department of Social Protection’s (DSP’s) Local Authority Employment Initiative, with the remainder to be used to meet existing contractual commitments.
The Disbursement Plan of 2009, put in place by the Dormant Accounts Board, will be replaced later this year by a new disbursement scheme in accordance with the Dormant Accounts (Amendment) Act 2012. My Department is consulting with relevant Government Departments and other stakeholders as appropriate in relation to drafting the disbursement scheme. The new scheme will be submitted to Government for approval and, in accordance with the 2012 Act, laid before the Houses of the Oireachtas. The 2012 Amendment also provides for the preparation of an action plan. The plan, which will also be subject to consultation, must indicate the programmes or types of projects that may apply for disbursement and the maximum funds available. Different amounts may be specified in the plan in relation to a particular class or classes of programme or project. Once the plan is adopted, a copy must also be laid before each House of the Oireachtas.
