Dormant Accounts Fund

Dáil Éireann Debate, Tuesday - 13 March 2012

Tuesday, 13 March 2012

Ceisteanna (307)

Maureen O'Sullivan

Ceist:

359 Deputy Maureen O’Sullivan asked the Minister for the Environment, Community and Local Government if he will report on the average annual rate interest earned on undisbursed balances in the dormant accounts fund in each year since the fund’s establishment; if he will report on the magnitude and breakdown by covered financial institution of transfers to the fund in 2010, 2011 and to date in 2012; if he will report on the value of the dormant accounts fund as of the last day in February 2010, 2011 and 2012; if he will report on the amount disbursed from the fund in 2010, 2011 and 2012 with a breakdown identifying the individual beneficiary organisation in the case of each disbursement; and if he will make a statement on the matter. [13717/12]

Freagraí scríofa

Minister for the Environment, Community and Local Government (Deputy Phil Hogan)

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 2012, the transfers to the DAF have totalled some €631.26m, which includes interest earned of some €35.58m. Funds reclaimed in that period by account holders amounted to approximately €230.74 million. The net value of the Dormant Accounts Fund (uncommitted funds) was €68.25 million on 29 February 2012. The value of the dormant accounts fund for the end of February 2010 was €41.649 million and at the end of February 2011 was €52.489 million.

A summary of the current status of the Dormant Accounts Fund is available on my Department's website at http://www.environ.ie/en/Community/DormantAccounts/

PublicationsDocuments/FileDownLoad,26542,en.doc.

This provides a profile of the Fund showing yearly inflows, reclaims, disbursements, etc, from 2003 to the end of February 2012. Disbursements from the Fund are paid from the Votes of relevant Departments which, in turn, are reimbursed from the Fund. Expenditure under the Fund is spread across some 10 Departments and Agencies. A listing of disbursements from the Dormant Accounts Fund for 2010 and 2011 is outlined in the table. Details of all allocations to beneficiaries under the Dormant Accounts Fund are also available on my Department's website at: http://www.environ.ie/en/Community/DormantAccounts/DisbursementofFunds/.

My Department will arrange to provide details in respect of beneficiary organisations funded under my Department's measures, which are administered by Pobal, directly to the Deputy as soon as possible. It would be a matter for each Department and Agency to provide similar details in respect of disbursements from their Votes/budgets.

Disbursements	2010	2011
Pobal (Formerly ADM, Service provider and agent of the Dormant Accounts Board)	€874,975	€407,655
Dept. Community, Equality and Gaeltacht Affairs	€5,285,543
Education and Skills	€1,216,099	€1,600,414
Health Service Executive	€6,119,277	€1,241,990
Transport, Tourism and Sport	€394,755
Children and Youth Affairs	€2,965,953	€3,000,000
Justice and Equality	€672,150	€208,742
Irish Prison Service	€217,974	€229,309
Environment, Community and Local Government	€1,506,109	€1,440,928
Social Protection	€1,014,200	€274,300
Total	€20,267,035	€8,403,338