Seán Haughey
Ceist:501 Mr. Haughey asked the Minister for Community, Rural and Gaeltacht Affairs the amount of money made available from dormant bank accounts which will be distributed; and if he will make a statement on the matter. [26230/03]
Written Answers. - Dormant Accounts Fund.
The Dormant Accounts Fund Disbursements Board is an independent statutory body under the aegis of my Department. The remit of the board is to prepare a plan for the disbursement of moneys from the dormant accounts fund for the purposes of programmes or projects that are designed to assist the personal, educational and social development of persons who are econ omically, educationally or socially disadvantaged or persons with a disability.
The first transfer of moneys from credit institutions to the dormant accounts fund, managed by the National Management Treasury Agency, took place at the end of April 2003. The total involved was approximately €196 million. Since then some €19 million has been reclaimed and approximately €2 million earned from investing the fund, leaving a current total of €179 million in the fund. This figure includes a reserve which must be maintained to meet claims for repayment and various costs associated with administering the scheme. Consistent with advice received from the Department of Finance, the Dormant Accounts Fund Disbursements Board, which is responsible for overseeing the disbursement of unclaimed moneys from the fund, has agreed that not more than €30 million should be disbursed annually.
I welcome the board's announcement last Friday, 7 November, concerning the publication of its disbursement plan. The plan sets out the board's objectives in making disbursements and its priorities for the duration of the plan. I understand the board is finalising arrangements to enable commencement of the implementation of the plan.