Written answers

Tuesday, 2 November 2004

Department of Community, Rural and Gaeltacht Affairs

Dormant Accounts Fund

9:00 pm

Liam Aylward (Carlow-Kilkenny, Fianna Fail)
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Question 380: To ask the Minister for Community, Rural and Gaeltacht Affairs when the next round of applications for grant aid under the Dormant Accounts Scheme is likely to be advertised. [26935/04]

Photo of Noel AhernNoel Ahern (Dublin North West, Fianna Fail)
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Decisions on the disbursement of funds from dormant accounts moneys are currently a matter for the Dormant Accounts Fund Disbursements Board, an independent body established under the Dormant Accounts Acts. In June 2004, the Government announced an increase in the overall amount that the Dormant Accounts Fund Disbursements Board may spend from €30 million to €60 million under the initial round of funding.

The board has engaged Area Development Management Ltd., ADM, to administer this initial round of funding on its behalf and the process of assessing and approving applications received is currently ongoing. Up to the beginning of October, the board had approved 133 projects for funding totalling approximately €12.5 million. I understand that at its meeting last week on 26 October 2004 the board considered a large number of applications for funding and decisions in this regard are expected shortly. Over the coming months further allocations will be made by the board up to a total figure of €60 million.

The Dormant Accounts (Amendment) Bill 2004 was published on 24 June 2004 fulfilling a commitment given by Government in December last following its review of arrangements in relation to dormant accounts funding. The Bill proposes key changes to the role of the board and in regard to decision making on disbursements. The Bill is currently before the Oireachtas. Subject to its enactment, a round of applications for funding may be anticipated during 2005.

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