Paudge Connolly (Cavan-Monaghan, Independent)
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Question 56: To ask the Minister for Finance the amount transferred in surplus dormant funds from financial institutions throughout the country to the dormant accounts fund for disbursement by the Dormant Accounts Fund Disbursements Board; and if he will make a statement on the matter. [2407/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am advised that a figure of €252 million has been transferred to the dormant accounts fund from financial institutions in 2003 and 2004, of which €45 million was subsequently reclaimed by the beneficial owners. Disbursements from the fund to date amount to €14 million. The current balance in the fund, inclusive of accrued interest is €198.5 million. A portion of the dormant accounts fund, currently 15%, is set aside as a reserve to service future reclaims from account holders.

The Dormant Accounts Disbursements Fund Board operates under the aegis of the Minister for Community, Rural and Gaeltacht Affairs. However, I understand the board has approved applications to the value of €42 million and will continue to make approvals within its current limits. It is expected that these moneys will be drawn down throughout this year and into 2006. As the Deputies will be aware, the disbursement mechanism for these funds is currently the subject of a Bill which is before the House this week.