John Cregan (Limerick West, Fianna Fail)
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Question 234: To ask the Minister for Community, Rural and Gaeltacht Affairs when the next tranche of money from the dormant accounts fund will be made available. [15952/05]

Noel Ahern (Dublin North West, Fianna Fail)
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Decisions on the disbursement of funds from dormant accounts moneys are 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, which involves the allocation of €60 million from the fund. To date the board has approved 481 projects for funding totalling approximately €56 million. Over the coming weeks 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 2003 following its review of arrangements in relation to dormant accounts funding. The Bill is before the Oireachtas and, inter alia, provides for significant changes to the disbursement process and for the establishment of a reconstituted board. Report and Final Stages are scheduled to be taken in the Seanad today. Future processing arrangements, including the allocation of further amounts from the fund, are subject to the enactment of the Bill.