Willie Penrose (Longford-Westmeath, Labour)

With regard to ring-fencing moneys from the dormant accounts fund, Members will appreciate that given its focus, as set down in the legislation, a significant proportion of the fund disbursed to date from the fund is already channelled through community and voluntary groups under existing arrangements. This is in addition to the other substantial supports provided by the Department to that sector annually through other programmes and schemes. The intention has always been to ensure there is a broad and balanced range of potential beneficiaries from dormant account disbursements. This should continue into the future rather than focus on any particular sector. In any event, given the reduced levels of funding available for disbursement from the dormant accounts fund, ring-fencing would not be feasible. In this context it should also be noted that in the light inter alia of the reduced levels of funding available legislation is now in train to dissolve the dormant accounts fund board and to make appropriate arrangements for the transfer of its functions to the Department of the Environment, Community and Local Government. I anticipated this and related matters in regard to future disbursements will be considered by the Government in the near future. It must be stressed that moneys disbursed from the fund increase Government debt levels as the money belongs to the account holder-----

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