Maureen O'Sullivan
Ceist:115 Deputy Maureen O’Sullivan asked the Minister for Community, Equality and Gaeltacht Affairs the funding available through dormant accounts and her plans for applications and distribution. [6139/11]
Amharc ar fhreagraWednesday, 30 March 2011
Ceisteanna (106)
Freagraí scríofa
The Dormant Accounts Acts provide for an annual transfer by credit institutions and insurance undertakings of monies in accounts determined to be dormant into the Dormant Accounts Fund (DAF). Since its establishment in April 2003 to the end of February 2011, the transfers to the DAF have totalled some €589m, which includes interest earned of some €35m. Funds reclaimed in that period by account holders amounted to approximately €208m.
Allocations from the DAF — in accordance with Part 6 of the 2005 Act — are focussed on programmes or projects to assist:
1. the personal and social development of persons who are economically or socially disadvantaged;
2. the educational development of persons who are educationally disadvantaged; or
3. persons with a disability.
The value of the DAF at the end of February 2011, net of liabilities, was some €52.5m. This figure excludes €49.4m maintained in a Reserve Account to meet future reclaims by account holders and to cover expenses associated with the operation of the DAF.
The Deputy may be aware that, in the light, inter alia, of the reduced levels of funding available for disbursement from the DAF, proposals had been under consideration by the previous administration to dissolve the Dormant Accounts Board and to make appropriate arrangements for the transfer of its functions to my Department. I anticipate that this and related matters relating to future disbursements will be considered by Government in due course. Further details of projects to which funding has been allocated to date and a summary of the status of the DAF are available on my Department's website at www.pobail.ie/en/DormantAccounts.