Dáil Éireann Debate, Wednesday - 29 April 2015
128. Deputy Seamus Kirk asked the Minister for the Environment, Community and Local Government the amount of money which is in dormant accounts from the years 2011 to 2015; if he will provide a breakdown on the expenditure of same; and if he will make a statement on the matter. [16907/15]
View answer129. Deputy Seamus Kirk asked the Minister for the Environment, Community and Local Government if he will provide an estimate on the amount held in dormant accounts at present; and if he will make a statement on the matter. [16908/15]
View answerI propose to take Questions Nos. 128 and 129 together.
The Dormant Accounts Act 2001, together with the Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Acts 2005-2012, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings.
In accordance with the Dormant Accounts (Amendment) Act 2012, a new Disbursement Scheme was approved by Government in December 2013. The 2012 Act also provides for the preparation of an Action Plan to give effect to the Scheme. The current Plan includes some €24 million of measures across a range of Government Departments and Agencies that will provide diverse supports for disadvantaged communities, including measures under my Department to promote social enterprise and innovation, both urban and rural, and measures to promote youth employment, employability and entrepreneurship.
Information from the National Treasury Management Agency, which manages the Dormant Accounts Fund, indicates that the net value of uncommitted funds in the Account as of end March 2015 is €111.46 million. This does not include a Reserve Fund, currently standing at some €64.18 million. During 2011 to 2015 the average inflows per year were €37.13m and the average reclaims from the fund were €18.5m. It should be noted that the vast bulk of funds is transferred from the Financial Institutions at the end of April each year.
Transfers and reclaims from the Dormant Accounts Fund during 2011 to 2015
|
Year |
Inflows from Financial Institutions and Insurance Companies |
Reclaims from the Fund |
|
2011 |
€43,079,786 |
€24,345,430 |
|
2012 |
€43,354,220 |
€21,798,829 |
|
2013 |
€44,561,010 |
€19,546,296 |
|
2014 |
€54,442,632 |
€23,660,293 |
|
2015 |
€232,835 |
€3,162,123 |
Further data in relation to the Dormant Accounts Fund are available on my Department’s website at http://www.environ.ie/en/Community/DormantAccounts/.
