Phil Hogan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Under the dormant accounts legislation, balances in dormant accounts with banks, building societies and An Post and the net encashment value of certain life assurance policies are paid into the Dormant Accounts Fun, which is managed by the National Treasury Management Agency.

I know that Deputy Ó Cuív is familiar with this reply from a previous occasion, so I will cut to the chase. From its establishment in April 2003 to the end of April 2013, transfers to the Dormant Accounts Fund have totalled some €716 million, which includes interest earned of approximately €39 million. Funds reclaimed in that period by account holders amounted to around €257 million. Disbursements to a total value of €278 million have been approved, with €251 million already spent on projects designed to benefit the community over the same period. The amount of funding disbursed from the Dormant Accounts Fund by the National Treasury Management Agency for existing projects was €8.4 million in 2011, €4.16 million in 2012, and to date in 2013, just €37,556. However, I have allocated €6.385 million for dormant accounts measures this year, which includes €2.835 million to be used to support labour activation measures in local authorities in 2013.

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