Kevin Humphreys (Dublin South East, Labour)
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Question 66: To ask the Minister for the Environment, Community and Local Government if he intends to introduce an application procedure for disbursement of grants from the dormant accounts fund; and if he will make a statement on the matter. [13111/11]

Phil Hogan (Carlow-Kilkenny, Fine Gael)
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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 March 2011, the transfers to the DAF have totalled some €589m, which includes interest earned of some €35m. Funds reclaimed in that period by account holders amounted to approximately €209m.

Allocations from the DAF – in accordance with Part 6 of the Acts, as amended by the Dormant Accounts (Amendment) Act 2005 – are focused 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 value of the DAF at the end of March 2011, net of liabilities, was some €52.5m. This figure excludes €48.23m maintained in a Reserve Account to meet future reclaims by account holders and to cover expenses associated with the operation of the DAF.

In accordance with Section 42, the Dormant Accounts Board is required to prepare and submit for Government approval a plan for the disbursement of moneys under Part 6 of the Dormant Accounts (Amendment) 2005 Act.

Legislation is in preparation to dissolve the Dormant Accounts Board and make appropriate arrangements for the transfer of its functions to my Department. The Bill is scheduled for publication during the current parliamentary session, and, following enactment, consideration can be given to future application procedures for the disbursement of Dormant Accounts funds.

Further details of projects to which funding has been allocated to date and a summary of the status of the DAF are available at www.pobail.ie/en/DormantAccounts