Seymour Crawford (Cavan-Monaghan, Fine Gael)
Link to this: Individually | In context

Question 14: To ask the Minister for Community, Rural and Gaeltacht Affairs the amount of funds, if any, that are available from the dormant accounts structures; if some of this funds will be used for cross-Border communities and the encouragement of peace building in the border areas; and if he will make a statement on the matter. [28661/10]

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

The Dormant Accounts 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 April 2003 to the end of May 2010, the transfers to the DAF have totalled some €587.5m, which includes interest earned of some €34.4m. Funds reclaimed in that period total approx. €93.54m.

The value of the DAF at the end of May 2010, net of liabilities, was some €67.9m. This figure excludes €53.96m maintained in a Reserve Account to meet future reclaims by account holders and to cover expenses associated with the operation of the DAF.

Allocations from the DAF - in accordance with Part 6 of the 2005 Act - are focussed on programmes or projects to assist:

1. the personal and social development of persons who are economically or socially disadvantaged;

2. the educational development of persons who are educationally disadvantaged or

3. persons with a disability.

The Deputy will appreciate, therefore, that the funding of projects in cross-border areas and the encouragement of peace building in the border areas is not explicitly provided for in the Dormant Account Acts.

The Dormant Accounts Board recently prepared a revised Disbursement Plan, as required by legislation. This plan provides the overall framework within which decisions on disbursements are made and funding allocated. I anticipate that I will bring the Board's new Disbursement Plan to Government for approval in the coming weeks.

Further details of projects to which funding has been allocated to date and a summary of the status of the DAF are available on my Department's website www.pobail.ie/en/DormantAccounts. For the Deputy's convenience, I am arranging to have a copy of the summary table forwarded directly to him.