Seán Crowe (Dublin South West, Sinn Fein)
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Question 364: To ask the Minister for Community, Rural and Gaeltacht Affairs his plans for the €350 million dormant account fund; if ADM will continue to administer the fund; when the fund will re-open for applications; when the legislation will come before Dáil Éireann; and if he will make a statement on the matter. [11794/05]

Noel Ahern (Dublin North West, Fianna Fail)
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I refer the Deputy to my reply to Question No. 15 on 14 April 2005.

The Dormant Accounts (Amendment) Bill 2004 was published on 24 June 2004, fulfilling a commitment given by the Government in December 2003 following its review of arrangements regarding dormant accounts funding. The Bill is currently before the Oireachtas and, inter alia, provides for significant changes to the disbursement process and for the establishment of a reconstituted board. Dáil Committee Stage is scheduled to be taken on Wednesday, 27 April 2005. Future processing arrangements, including the role of ADM, are subject to the enactment of the Bill.

I should point out that the current value of the fund is approximately €193 million and not €350 million as suggested in the Deputy's question. Under the legislation, 15% of the fund must be maintained in reserve to meet claims for repayment and to cover administrative expenses. The current value of the fund also includes the amount allocated to the board to disburse under the initial round of funding and not yet drawn down.