Dáil Éireann Debate, Tuesday - 22 June 2021
657. Deputy Paul Donnelly asked the Minister for Rural and Community Development the length of time funds are held in the dormant accounts fund before they can be used; and the amount in the reserve fund to date. [32941/21]
View answerIn line with the provisions of the Dormant Accounts Fund legislation an account is considered dormant if there has been no customer initiated transactions for a period of 15 years. The National Treasury Management Agency is responsible for management of the fund, and it sets aside a “reserve fund” for likely future reclaims by account holders or their heirs.
The closing balance in the Dormant Accounts Fund at the end of 2020 was €244 million. The annual transfer of funds from newly dormant accounts takes place in April of each year and, following the transfer this year, the total amount in the fund at the end of May 2021 was €291 million.
Of the €291 million within the fund at end May 2021, €182 million of this is held in the “disbursement fund” and is available for future use to fund measures addressing social, economic or educational disadvantage, or assisting persons with a disability. €109 million is held in the reserve fund, which is set aside for future possible reclaims by account holders or their heirs.
The 2021 Action Plan approved measures worth €51 million. The vast majority of this will be disbursed in 2021 and that will reduce the amount within the disbursement fund by an equivalent amount.
