Michael McGrath
Question:593. Deputy Michael McGrath asked the Minister for the Environment, Community and Local Government the current balance in the Dormant Accounts Fund; and if he will make a statement on the matter. [45975/15]
View answerThursday, 17 December 2015
Questions (593)
Written answers
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, 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 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 30 November 2015, the transfers to the Dormant Accounts Fund have totalled some €834.88m, which includes interest earned of approximately €41.68m. Funds reclaimed in that period by account holders amounted to around €312.13m. €303.9m of disbursements have been approved, with €256.13m 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 net value of uncommitted funds available under the Dormant Accounts Fund is currently €142.8m. Further data in relation to the Dormant Accounts Fund are available on my Department’s website at http://www.environ.ie/en/Community/DormantAccounts.