Dáil Éireann Debate, Tuesday - 16 January 2018
60. Deputy Éamon Ó Cuív asked the Minister for Rural and Community Development the average net annual inflow of funds into the Dormant Accounts Fund over the past five years; the amount of unallocated funds in the fund at present; his plans to ensure that these funds are spent for the purposes of social, economic and educational disadvantage and on services for persons with a disability; and if he will make a statement on the matter. [1215/18]
Amharc ar fhreagraThe most recent full-year information available to me on the Dormant Accounts Fund from the National Treasury Management Agency relates to 2016.
Over the five year period 2012 to 2016, the gross inflow of monies into the Dormant Accounts Fund totalled some €256 million. Over the same period, outflows from the Fund totalled just over €140 million.
The impact of these inflows and outflows was a net increase of €116 million in inflows to the Dormant Accounts Fund over the period 2012 to 2016. This equates to an average increase of €23 million per annum in inflows over the five year period.
The net value of uncommitted Dormant Accounts funds stood at €124.8 million at the end of September 2017, exclusive of a reserve for potential claims on the Fund by account holders, and commitments yet to be disbursed by the NTMA on foot of approvals to projects and programmes.
The legislation governing the Dormant Accounts Funds provides the framework for the disbursement of funds to measures solely targeted at socially, economically and educationally disadvantage people, and persons with a disability. The funding is allocated through a Disbursement Scheme, underpinned by annual Action Plans which set out specific programmes to be funded each year.
The 2017 Action Plan allocated funding of €40.4 million to 40 measures across a range of Government Departments and agencies. The Action Plan is available on my Department's website.
My Department will soon begin the preparation of a Dormant Accounts Action Plan for 2018 and will invite Departments to submit proposals for inclusion in the Plan. I will also be seeking an update on the balance in the Fund at the end of 2017 from the NTMA.
