Dáil Éireann Debate, Friday - 16 December 2016
288. Deputy Róisín Shortall asked the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs the total value of allocations over the past ten years under the Dormant Accounts Fund that have yet to be drawn down with a breakdown by the year the allocation decisions were made. [40984/16]
View answerThe 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.
The legislation governing the Dormant Accounts Fund provides for the disbursement of monies for the purposes of programmes or projects to assist:
- the personal and social development of persons who are economically or socially disadvantaged;
- the educational development of persons who are educationally disadvantaged, or
- persons with a disability.
My Department has an oversight role in the relation to the allocation and disbursement of Dormant Accounts funding.
Since its establishment in April 2003 to the end of September 2016, €321.39 million , net of decommitments, have been approved for disbursement from the Fund for eligible projects. A total of €264.97 million has been paid out to projects over the same period. T he balance of funds to be disbursed on foot of approvals is €56.42 million.
Full summary details of the Dormant Accounts Fund on a year-by-year basis are available on my Department’s website at: http://www.ahrrga.gov.ie/app/uploads/2016/10/dormantaccounts-30-09-2016.pdf .
