Dáil Éireann Debate, Tuesday - 22 June 2021
659. Deputy Rose Conway-Walsh asked the Minister for Rural and Community Development the steps that will be taken to identify potential additional dormant assets and incorporate them within the dormant accounts fund since the review published in December 2019; and if she will make a statement on the matter. [32978/21]
View answerA review to identify potential additional dormant assets was undertaken by Deloitte in 2019. This review was published by my Department in early 2020, and is available here:
https://www.gov.ie/pdf/?file=https://assets.gov.ie/78579/2822a277-103d-4410-8896-87b92ba5a02a.pdf#page=1
The review identified four possible additional dormant assets that warranted further consideration in terms of potentially utilising them in the future. Deloitte identified significant complexities with regard to technical, practical and legislative issues in utilising such assets.
To date the priority with regard to the Dormant Accounts Fund has been to improve its operation and the level of funding being utilised, in line with the findings of a review by the Comptroller and Auditor General.
https://www.audit.gov.ie/en/Find-Report/Publications/2017/Chapter7-Dormant-Accounts-Fund.pdf
which was published in 2017. This has seen a steady increase in the funds being disbursed each year. Last year also saw a focus on delivering an additional €50 million in Covid-19 supports which were supported by the fund.
Further consideration of the potential additional dormant assets will involve working with both the Department of Finance and the Department of Justice. Initial contact has been made in this regard with these Departments and I hope to further explore the potential use of these dormant assets over the coming months.
