Dáil Éireann Debate, Tuesday - 20 June 2017
104. Deputy Tony McLoughlin asked the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs her future plans for the dormant accounts scheme which is administered by her Department; and if she will make a statement on the matter. [27515/17]
Amharc ar fhreagraThe Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Acts 2005-2012 provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post), and unclaimed life assurance policies in insurance undertakings. The Dormant Accounts Fund is managed by the National Treasury Management Agency.
The Acts provide for the disbursement of funds for the purposes of programmes or projects to assist:
- the personal and social development of persons who are economically or socially disadvantaged;
- the educational development of persons who are educationally disadvantaged; or
- persons with a disability.
My Department's role in relation to the Dormant Accounts Fund is to prepare a Disbursement Scheme every three years, which sets out the objectives to be achieved by making disbursements from the Dormant Accounts Fund and the strategies for achieving those objectives. My Department also co-ordinates the preparation of annual Action Plans in accordance with the three-year Disbursement Scheme. The Action Plans contain the details of specific programmes and projects for delivery across Government Departments.
A Disbursement Scheme for the period 2017-2019 was approved by Government on the 26th April 2017 and my Department is currently finalising a new Dormant Accounts Action Plan for 2017, following a detailed consultation process across Government Departments.
It is anticipated that the responsibility for the Dormant Accounts Fund Disbursement Scheme and annual Action Plans will be transferring to the new Department with responsibility for rural development and community development.
