Pat Rabbitte (Dublin South West, Labour)
Link to this: Individually | In context

Question 26: To ask the Minister for Community, Rural and Gaeltacht Affairs when the next round of grants from the dormant accounts fund will be allocated; and if he will make a statement on the matter. [5803/05]

Noel Ahern (Dublin North West, Fianna Fail)
Link to this: Individually | In context

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. The board engaged Area Development Management Limited, ADM, to administer the initial round of funding on its behalf.

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 this initial round of funding. To date the board has approved 420 projects for funding totalling approximately €42 million. Over the coming weeks further allocations will be made by the board up to a total figure of €60 million. In this regard, I understand that the board at its meeting today considered a number of further applications recommended for funding.

The Dormant Accounts (Amendment) Bill 2004 was published on 24 June 2004 fulfilling a commitment given by Government in December 2003 following its review of arrangements in relation to dormant accounts funding. The Bill is currently before the Oireachtas.