Dáil Éireann Debate, Tuesday - 22 June 2021
658. Deputy Rose Conway-Walsh asked the Minister for Rural and Community Development the amount within the dormant accounts fund; the amount transferred to the fund in each year since 2011; the annual expenditure from the fund each year since 2011; the share of expenditure related to each Department; and if she will make a statement on the matter. [32977/21]
View answerThe 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. Following the transfer this year, the total 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 likely future reclaims by account holders or their heirs.
With regard to the amount transferred to the fund and the annual expenditure from the fund each year since 2011, table 1 provides this information. This table also details the amounts reclaimed by account holders, or their heirs, each year, which also impacts on the value of the fund.
With regard to the share of expenditure related to each Department, under the Dormant Accounts 2012 Act the relevant Government Department is responsible for producing an annual report on the disbursement of funds. The first such report was in 2014. The Department of Rural and Community Development assumed responsibility for this area in July 2017, and prior to this it was the responsibility of a number of other Government Departments to produce these annual reports. Each of the reports, which detail spend across measures and Departments, are available here https://www.gov.ie/en/collection/769773-dormant-accounts-fund-annual-action-plans-and-reports/?fbclid=IwAR2zYcvZJaABTXbhiexeda9b3vZbimARLOFdEgN2VOVgJcXzZu1WCHtDPyM .
For ease of reference, Table 2 outlines a summary of expenditure by relevant Government Department since 2014, taking account of different Departmental configurations insofar as is possible.
The information provided demonstrates the progress that has been made in recent years in terms of increasing the use of the Dormant Accounts Fund, both in terms of the number of Government Departments involved, and the total money being disbursed from the fund. This money is being utilised across Ireland to deliver measures that address economic, social and educational disadvantage, and supports persons with disabilities.
