Noel Ahern (Dublin North West, Fianna Fail)

Adjusted for liabilities of €48 million, the current value of the dormant accounts fund is €157 million. Such liabilities arise in respect of funding approved for projects by the Dormant Accounts Fund Disbursements Board which has yet to be drawn down. It is anticipated that a large element of this amount will be disbursed during 2006.

With regard to further allocations, the Deputy will be aware that the Dormant Accounts (Amendment) Act 2005 provides for significant changes in the disbursement of funds from dormant accounts and for a reconstituted board. The Act was commenced on 1 September 2005. Under this new legislation, the Minister is required to consult appropriate Ministers for the purpose of developing a proposal for submission to Government for approval. This proposal will include the programmes and types of projects for which applications for disbursements will be invited, as well as the criteria to be applied in assessing applications made in response to the invitation.

Yesterday the Government approved proposals for projects and programmes to address the social and economic disadvantage category under the next round of funding. The Minister will make a further announcement shortly when the details and operational procedures are finalised. The consultation process on proposals under the other two categories, education disadvantage and disability, is not yet finalised and the Minister hopes to be in a position to make proposals to Government under these two headings fairly soon.

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