Dáil Éireann Debate, Tuesday - 21 November 2017
555. Deputy Éamon Ó Cuív asked the Minister for Rural and Community Development the amount of uncommitted funds held under the dormant accounts legislation; the amount of these that form part of the statutory reserve; and if he will make a statement on the matter. [49386/17]
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 Dormant Accounts Fund is managed by the National Treasury Management Agency (NTMA).
The legislation governing the Fund provides for a scheme for the disbursement of funds that are unlikely to be reclaimed by account holders, for the purposes of supporting programmes or projects to assist specified disadvantaged groups. My Department coordinates these disbursement schemes.
Since its establishment in April 2003 to the end of September 2017 inflows to the Dormant Accounts fund have totalled €941.5 million, including interest earned of approximately €41 million. Outflows from the Fund amounted to €649.6 million, including €357.9 million which has been reclaimed by account holders. At the end of September 2017, therefore, the value of the Fund stood at €291.9 million.
Of this, the reserve for future reclaims by account holders stood at €80.6 million. Provision is also made for €86.5 million which remains to be disbursed by the NTMA on foot of approvals already made through the disbursement schemes.
The net value of uncommitted Dormant Accounts Funds stood at €124.8 million at the end of September 2017.
