The Dormant Accounts Act 2001 provides that decisions on disbursements from the fund will be made by the Dormant Accounts Board, an independent board established under that legislation. However, the board must first prepare its disbursement plan. This will set out the objectives of the board in making disbursements, its strategy for achieving those objectives, and the priorities of the board in respect of particular programmes or projects for community and societal benefit. The plan is currently in preparation and, when completed, must be submitted to me for approval.
The board will not be in a position to consider individual applications for funding until such time as this plan is approved.