Written answers
Tuesday, 8 November 2011
Department of Environment, Community and Local Government
Dormant Accounts Fund
9:00 pm
Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 354: To ask the Minister for the Environment, Community and Local Government the amount of money transferred to the dormant accounts fund each year since 2005 in tabular form. [33398/11]
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 August 2011, the transfers to the DAF have totalled some €626.59m, which includes interest earned of some €35.53m. Funds reclaimed in that period by account holders amounted to approximately €218.7m.
A summary of the current status of the DAF is available on my Department's website www.environ.ie and is set out in the table below. This provides a profile of the Fund showing yearly inflows, reclaims, disbursements, etc. from 2003 to the end of August 2011.
Value of Dormant Accounts Fund at 31 August 2011
| 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 | 891,120 | 42,275,557 | 19,051,956 | 37,644,335 | 1,717,634 | 134,856,243 |
| 2010 | 20,970,759 | 12,304,426 | 6,010,712 | 0 | 472,958 | 39,758,855 | 20,303,827 | 20,267,035 | 1,618,257 | 132,425,979 |
| 2011 | 22,623,769 | 9,912,279 | 5,325,750 | 0 | 796,773 | 38,658,571 | 13,044,929 | 818,931 | 0 | 157,220,690 |
| Totals | 258,559,368 | 259,906,893 | 68,191,903 | 4,400,000 | 35,528,416 | 626,586,580 | 218,720,811 | 238,942,418 | 11,702,661 | |
| Liabilities on the Fund: | |||
| Of which | |||
| 1. Reserve for future reclaims by account holders | -47,178,335 | ||
| 2. Disbursements allocated to beneficiary projects by | Approved | Decommitted | Net Approved |
| (a) Dormant Accounts Fund Disbursement Board | 63,082,815 | 4,620,969 | 58,461,846 |
| (b) Government (2006) | 75,642,596 | 2,662,872 | 72,979,724 |
| (c) Government (2007) | 22,278,213 | 480,618 | 21,797,595 |
| (d) Government (2008) | 30,134,074 | 29,876 | 30,104,198 |
| (e) Government - Early Childhood Initiative (2006) | 18,000,000 | 18,000,000 | |
| (f) Government - Rural Social Scheme (2004-2008) | 64,400,000 | 64,400,000 | |
| (g) Government - Catch Up Measure 5 new RAPID towns | 1,250,000 | 1,250,000 | |
| Sub-totals | 274,787,698 | -7,794,335 | 266,993,363 |
| 3. Remaining funds to be disbursed by NTMA on foot of approvals | -28,050,945 | ||
| Net Value of Dormant Accounts Fund (uncommitted funds) | €81,991,410 | ||
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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