Dáil Éireann Debate, Thursday - 3 April 2014
137. Deputy Brendan Griffin asked the Minister for the Environment, Community and Local Government if he will provide a specific breakdown, in tabular form on a county basis, of where the Dormant Accounts Fund was spent; and if he will make a statement on the matter. [15810/14]
View answerUnder 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, 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.
Since its establishment in April 2003 to the end of 31 January 2014, the transfers to the Dormant Accounts Fund have totalled some €724m, which includes interest earned of approximately €39.26m. Funds reclaimed in that period by account holders amounted to around €273.58m. €277.62m of disbursements have been approved, with €252m already expended by a large number of community groups and organisations under a range of measures administered by Pobal on behalf of a number of Government Departments and agencies. The detailed information requested is being compiled and will be forwarded to the Deputy as soon as possible.
