Ann Phelan (Carlow-Kilkenny, Labour) | Oireachtas source

Under the dormant accounts legislation, balances on dormant accounts with banks, building societies and An Post and the net encashment value of certain life assurance policies are paid into the Dormant Account Fund, which is managed by the National Treasury Management Agency, NTMA. The primary purpose of the legislation is to reunite the original account holders with their moneys, including all interest due. In addition, the legislation provides that disbursements from the fund may be made for charitable purposes or for purposes of community benefit, as the Deputy outlined.

Financial institutions transfer dormant funds to the NTMA, generally as one block transaction on 30 April each year. Information from the NTMA as of the end of April 2015 indicated inflows of approximately €36 million this year. The 2012 Dormant Accounts (Amendment) Act provides for an action plan to give effect to the scheme and full details of the measures adopted under the action plan in 2014, which continue to be rolled out this year, are available on my Department’s website.

The current plan includes some €26 million of measures across a range of Departments and agencies that will provide diverse supports for disadvantaged communities. The planned expenditure for 2015 will support a range of measures, including emergency support services training and other supports for vulnerable and disadvantaged young people, and health-related supports to assist young people with disabilities, as well as other community-based initiatives.

To give effect to the plan, there is a total allocation in excess of €18 million in the Estimates for 2015 across seven Departments. That includes almost €6 million for measures under my Department. Under the plan, Pobal will administer new measures on behalf of my Department that will promote social enterprise and innovation, both urban and rural, and youth employment, employability and entrepreneurship in disadvantaged areas. Applications will be open to eligible community and voluntary sector organisations, local development companies and statutory and other public agencies from 1 July next with a closing date of 22 July.

Pobal also administers new training and support services for home carers on behalf of the Department of Social Protection and a range of measures on behalf of the Department of Health. Applications under these measures can also be made during the same period by eligible community and voluntary sector organisations, local development companies and statutory and other public agencies. As part of the support for these new measures, Pobal will hold a series of four regional pre-application information meetings which will take place later this month. Full details on each of the measures, the online application process, and how to register for the pre-application meetings are available on Pobal’s website.

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