Written answers
Thursday, 1 April 2010
Department of Community, Rural and Gaeltacht Affairs
Departmental Expenditure
4:00 am
Liz McManus (Wicklow, Labour)
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Question 40: To ask the Minister for Community, Rural and Gaeltacht Affairs the amount of money provided under the dormant accounts fund in the past three years; the amount of money not drawn down by grantees; and if he will make a statement on the matter. [14266/10]
Pat Carey (Dublin North West, Fianna Fail)
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The Dormant Accounts Fund Acts provide for an annual transfer by credit institutions and insurance undertakings of monies in accounts determined to be dormant into the Dormant Accounts Fund (DAF). Since its establishment in May 2003 up to the end of February 2010, the net transfers to the DAF have totalled nearly €327m. The total amount approved by the Dormant Accounts Fund Disbursements Board and by Government to date is €267.8m.
The value of the Fund at the end of February 2010, net of liabilities, was some €41.65m. This excludes the amount of approx. €47.3m currently maintained in a Reserve Account to meet reclaims and to cover expenses. The reserve is currently set at 15% of the total moneys received by the Fund and not yet reclaimed. The balance of Fund to be disbursed on foot of approvals is €44.07m.
Table 1 below sets out a summary of the total disbursements from the DAP for the period 2007-09. Table 2 provides a profile of the Fund showing yearly inflows, reclaims, disbursements etc. from 2003 to 2010. This table is available on my Department's website (www.pobail.ie) and is updated regularly.
| Table 1: Summary of disbursements from the Dormant Accounts Fund for the years 2007, 2008 and 2009: | |||
| Entity making disbursements | 2007 | 2008 | 2009 |
| € | € | € | |
| The former Dormant Accounts Fund Disbursements Board | 11,755,948 | 10,524,631 | 4,264,446 |
| Dept of Community, Rural and Gaeltacht Affairs — Rural Social Scheme | 16,000,000 | 16,000,000 | 0 |
| Dept of Community, Rural and Gaeltacht Affairs — Other measures | 5,446,907 | 9,563,454 | 7,739,459 |
| Dept of Education and Science | 3,155,143 | 18,771,252 | 8,403,730 |
| Health Service Executive | 3,659,859 | 13,397,028 | 8,804,948 |
| Dept of Arts, Sport and Tourism | 1,823,473 | 874,483 | 1,304,000 |
| Office of the Minister for Children | 2,338,500 | 2,999,978 | 5,240,455 |
| Dept of Communications, Energy and Natural Resources | 900,778 | 517,259 | 774,457 |
| Dept of Justice, Equality and Law Reform | 251,924 | 129,960 | 193,105 |
| Irish Prison Service | 178,880 | 272,660 | 419,735 |
| Dept of Environment, Heritage and Local Government | 0 | 0 | 500,000 |
| 45,511,412 | 73,050,705 | 37,644,335 |
| Table 2: Value of Dormant Accounts Fund at 28 February 2010 | ||||||||||
| Year | Inflows | Gross Inflow of Funds | Outflows | Net Funds | ||||||
| Banks/ building societies | An Post products | Insurance products | Intestate Estates | Interest earned | Reclaimed by account holders | Disbursed by NTMA | Expenses & Compliance Costs | |||
| 2003 | 105,802,747 | 90,406,394 | 0 | 0 | 2,778,039 | 198,987,180 | 24,002,874 | 0 | 148,048 | 174,836,258 |
| 2004 | 18,387,604 | 14,642,260 | 22,994,803 | 0 | 3,802,846 | 59,827,513 | 21,080,853 | 14,000,000 | 1,055,958 | 198,526,960 |
| 2005 | 13,049,089 | 19,870,684 | 7,895,688 | 0 | 4,061,302 | 44,876,763 | 22,916,079 | 14,400,000 | 1,673,497 | 204,414,147 |
| 2006 | 20,535,464 | 52,513,242 | 7,100,575 | 0 | 6,375,902 | 86,525,183 | 44,736,631 | 33,250,000 | 1,608,356 | 211,344,343 |
| 2007 | 12,531,434 | 42,658,151 | 6,704,210 | 4,400,000 | 8,787,603 | 75,081,398 | 34,082,871 | 45,511,412 | 1,881,135 | 204,950,323 |
| 2008 | 19,644,431 | 6,239,735 | 7,149,521 | 0 | 7,561,873 | 40,595,560 | 19,500,791 | 73,050,705 | 1,999,776 | 150,994,611 |
| 2009 | 25,014,071 | 11,359,722 | 5,010,644 | 0 | 894,150 | 42,278,587 | 18,812,756 | 37,644,335 | 1,717,634 | 135,098,473 |
| 2010 | 0,000,000 | 0,000,000 | 42,825 | 0 | 60,618 | 103,443 | 2,105,505 | 97,262 | 0,000,000 | — |
| Totals | 214,964,840 | 237,690,188 | 56,898,266 | 4,400,000 | 34,322,333 | 548,275,627 | 187,238,360 | 217,953,714 | 10,084,404 | 132,999,149 |
| Approved | Decommited | Net Approved | ||
| € | € | € | € | |
| Liabilities on the Fund: | ||||
| Of which | ||||
| 1. Reserve for future reclaims by account holders | -47,277,247 | |||
| 2. Disbursements allocated to beneficiary projects by | ||||
| (a) Dormant Accounts Fund Disbursement Board | 63,082,815 | 4,117,383 | 58,965,432 | |
| (b) Government (2006) | 76,642,596 | 1,444,557 | 75,198,039 | |
| (c) Government (2007) | 22,278,213 | 279,739 | 21,998,474 | |
| (d) Government (2008) | 30,213,774 | 30,213,774 | ||
| (e) Government — Early Childhood Initiative (2006) | 10,000,000 | 10,000,000 | ||
| (f) Government — Rural Social Scheme (2004-2008) | 64,400,000 | 64,400,000 | ||
| (g) Government — Catch Up Measure 5 new RAPID towns | 01,250,000 | 1,250,000 | ||
| Sub-totals | 267,867,398 | -5,841,679 | 262,025,719 | |
| 3. Remaining funds to be disbursed by NTMA on foot of approvals | -44,072,005 | |||
| Net Value of Dormant Accounts Fund (uncommitted funds) | 41,649,897 |
Under the Dormant Accounts Act 2001, the NTMA is required to maintain a Reserve Account to meet reclaims from account holders and operational expenses of the agency and the Dormant Accounts Board.
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