As the Deputy is aware, the Dormant Accounts Fund Disbursements Board is an independent statutory body, under the aegis of my Department, with responsibility for overseeing the disbursement of unclaimed moneys from the Dormant Accounts Fund. The board presented its disbursement plan for approval this summer and following detailed consideration, including consultation at Cabinet level, it was approved on 30 September subject to a number of amendments.
The specific amendments to the plan include ring-fencing a level of disbursements towards RAPID, CLÁR and drug task force areas. I believe that a reasonable proportion of these funds should be directed towards projects in areas designated by Government as experiencing particular social and economic disadvantage.
As regards funding for persons with a disability, the plan was amended to ensure a focus towards those who require intensive levels of support in areas of health and personal social services. I believe that such a focus is appropriate given the particular pressures faced by families of those who require such supports. The third main amendment relates to the addition of IT as a measure to tackle disadvantage. The inclusion of this measure is important in promoting access to – and competence in – technology, in particular for young people in disadvantaged areas and for persons with a disability.
Now that the plan has been approved, the board is making the necessary practical arrangements for its publication which I understand is scheduled for mid November. In addition, the board is currently advancing its consideration of the practical arrangements necessary to enable commencement of the implementation of the plan. In this regard, it is anticipated that arrangements for the board to engage a service provider to administer a funding programme on its behalf will be finalised shortly.
Additional information.The amount to be paid from the fund this year will be dependent on the level of applications received. While early disbursements from the fund would be desirable, one of my major concerns is to ensure that, as a new entity, the board develops and puts in place transparent procedures by which it can fairly seek and assess applications, decide on funding and review effectiveness of spend. Work on this process is well advanced and I expect it will be concluded shortly, thus opening the way for disbursements to commence.
The current value of the fund is in the order of €180 million, including a reserve which must be maintained to meet claims for repayment and various costs associated with administering the scheme. However, consistent with advice from the Department of Finance, the board has agreed that not more than €30 million will be disbursed annually.