Thursday, 20 June 2019

Questions (192)

Dara Calleary

Question:

192. Deputy Dara Calleary asked the Minister for Rural and Community Development the net amount of funding that has come into to the Dormant Accounts Fund to date in 2019 after repayments to the banks of reclaimed funds; the amount he plans to spend on projects out of the fund in 2019; the spend to date; the amount of uncommitted funds on hand not including the statutory reserve; and if he will make a statement on the matter. [26048/19]

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Written answers (Question to Rural)

With regard to transfers to and from the Dormant Accounts Fund for 2019, the most recent information available to me from the NTMA covers the period to the end of May 2019. At that point €61.8 million had transferred into the fund from dormant accounts within relevant financial institutions and a total of €10.6 million had been reclaimed from the fund. Therefore, the net value of transfers into the fund for 2019 to the end of May was €51.2 million.

With regard to expenditure on measures approved in Dormant Account Fund Action Plans, as the Deputy is aware, measures approved in Action Plans subsequently require voted Government expenditure to be made available. For 2019 the total voted expenditure dedicated to Dormant Accounts measures across relevant Government Departments was €39 million. The delivery of these measures is a matter for each relevant Department. Within my own Department the total voted allocation for Dormant Accounts measures in 2019 is €12.057 million and, to date, expenditure of €1.76 million has been incurred. As in 2018 my Department intends to spend the full allocation in 2019.

Finally, at the end of May 2019, the balance in the fund was €340.87 million and the reserve fund stood at €94.62 million. Commitments made in Dormant Accounts Action Plans have a total liability of €60.67 million. Therefore, the amount of uncommitted funds at the end of May 2019 stood at €185.57 million. I have recently commenced the process of developing the next Action Plan which will increase the level of commitments on the fund.