Dáil Éireann Debate, Tuesday - 16 January 2018
1559. Deputy Bernard J. Durkan asked the Minister for Rural and Community Development the extent to which the Dormant Accounts Fund has fluctuated over the past five years; and if he will make a statement on the matter. [2044/18]
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 Dormant Accounts Fund legislation also provides for the disbursement of monies from the Fund for programmes and projects which benefit specific disadvantaged groups. The Disbursement Scheme for these projects is coordinated across Government by my Department.
The most recent information available with regard to the value of the Dormant Accounts Fund is for the end of September 2017, when the total value of the Fund stood at €291.9 million. This has increased from a total value of €185.5 million in 2013.
While the total value of the Fund stood at €291.9 million at the end of September 2017, the net value of uncommitted Dormant Accounts funds stood at €124.8 million when account is taken of a reserve of €80.6 million for future reclaims by account holders, and a provision of €86.5 million for funds which remain to be disbursed by the NTMA on foot of cumulative approvals made through Disbursement Schemes.
Further information on balances in the Dormant Accounts Fund since 2003 are available on my Department's website at: http://drcd.gov.ie/wp-content/uploads/Value-of-Dormant-Accounts-Fund-at-30-Sept-2017.pdf.
