Dáil Éireann Debate, Tuesday - 6 October 2009
822 Deputy Bernard J. Durkan asked the Minister for Community, Rural and Gaeltacht Affairs the amount of funding accruing to his Department on a monthly basis in each of the past five years to date from the dormant accounts fund; if this represents the total receipts to Government from the fund; and if he will make a statement on the matter. [34564/09]
Amharc ar fhreagraThe Dormant Accounts Fund Acts provides for an annual transfer by credit institutions and insurance undertakings of monies in accounts determined to be dormant into the Dormant Accounts Fund (DAF). Section 12 of the Dormant Accounts Act 2001 provides that financial institutions transfer the moneys in account determined as dormant before the 30th April each year. In general, all transfers to the Dormant Accounts Fund occur in the months of March and April each year. Reclaims by account holders may be made at any time during the year.
Since its establishment in May 2003, the net transfers to the Dormant Accounts Fund have been just over €334.1m. Net transfers to the end of August 2009 totalled some €41.3m. The comparable figures for previous years are set out below:
|
Year |
€m |
|
2003 |
196.2 |
|
2004 |
56.0 |
|
2005 |
40.8 |
|
2006 |
80.1 |
|
2007 |
66.3 |
|
2008 |
33.0 |
The value of the Fund at the end of August 2009, net of liabilities, was some €49.1m. This figure excludes around €48.5m maintained in a Reserve Account to meet future reclaims by account holders and to cover expenses associated with the operation of the Fund.
