Noel Ahern (Dublin North West, Fianna Fail)

I propose to take Questions Nos. 42, 73 and 103 together.

Decisions on the disbursement of funds from dormant accounts under the initial round of funding were a matter for the Dormant Accounts Fund Disbursements Board, an independent body established under the Dormant Accounts Acts. Under this round, the board approved 521 projects for funding totalling slightly more than €60 million. To date, approximately €29 million of the €60 million approved has been paid over to groups, of which €4 million was paid in 2004, €8 million in 2005 and €17 million in 2006. It is anticipated that the remaining €31 million will be disbursed during 2007 and beyond.

Following the enactment of the new amended legislation in 2005, decisions on disbursements are now made by the Cabinet following a transparent process. In accordance with the legislation, the Government approved the allocation of €60 million from the fund in 2006 for the following purposes: €24 million to support projects tackling economic and social disadvantage; €18 million towards projects tackling educational disadvantage; and €18 million towards projects assisting persons with a disability.

To date in 2006, under the economic and social disadvantage category, the Government has approved funding of €17.5 million in support of 342 projects. In respect of the remaining funding measures under the economic and social disadvantage category, as well as measures relating to educational disadvantage and people with disabilities, further Government decisions can be expected in early 2007.

The rural social scheme, RSS, was launched two years ago to provide an income supplement to small farmers and part-time fishermen. A total of €32.4 million has been allocated to date from the dormant accounts fund to part-finance the RSS, of which €10 million was allocated in 2004, €6.4 million in 2005 and €16 million in 2006.

The priorities to be supported from dormant accounts next year are currently under consideration. In this regard, the legislation requires the Minister to consult other appropriate Ministers for the purpose of developing a proposal for submission to the Government for approval. This process is well under way and the intention is to submit a proposal early next year concerning the 2007 round of funding.

As for the amount that is expected to be available over the next five years, Members will be aware that the legislation provides for an annual transfer by credit institutions and insurance undertakings of moneys in dormant accounts into the fund. Since the establishment of the fund in May 2003, a total of €373 million has been transferred, of which €108 million has been reclaimed. At this juncture, it is difficult to say what the expected inflows to the fund will be on an annual basis. These details will only become available as the funds are actually transferred by financial institutions, which occurs once a year.

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