Maureen O'Sullivan (Dublin Central, Independent)
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Question 175: To ask the Minister for the Environment, Community and Local Government if it is intended that the guaranteed right of reclaim from the dormant accounts fund will continue to be a perpetual one and if sums deposited in an Irish financial institution in the 1700s and dormant since the 1800s will apply in the terms of existing legislation for dormant accounts in the 20th and 21st century; and if he will make a statement on the matter. [36668/11]

Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Current legislation provides for a scheme to transfer dormant accounts in banks, building societies, An Post, as well as unclaimed life assurance policies to the care of the State, while guaranteeing a right of reclaim to those funds. The main purpose of the legislation is to reunite account holders/policy holders with their funds in credit institutions and insurance undertakings. Under the Dormant Accounts Amendment (2011) Bill, the right to reclaim funding from the Dormant Accounts Fund will remain unchanged. Any change would have significant legal and constitutional, including property rights, implications.

Maureen O'Sullivan (Dublin Central, Independent)
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Question 176: To ask the Minister for the Environment, Community and Local Government if he intends to extend the dormant accounts legislation to credit unions that are in surplus, in the manner indicated by his predecessor at the time when the Dormant Accounts Act initially came into force; and if he will make a statement on the matter. [36669/11]

Phil Hogan (Carlow-Kilkenny, Fine Gael)
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I have no plans at present to extend the Dormant Accounts legislation to credit unions. In practical terms, increasing the amount available in the Dormant Accounts Fund does not necessarily allow for the introduction of new dormant accounts measures or programmes. Government Departments and agencies must source monies for dormant accounts programmes and measures from their Exchequer allocation, in the same way as with any other funding programmes. However, this is a matter I am prepared to keep under review, particularly in the context of any improvement to the budgetary situation.

Maureen O'Sullivan (Dublin Central, Independent)
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Question 177: To ask the Minister for the Environment, Community and Local Government if he will report on the amount disbursed by way of appropriations-in-aid from the dormant accounts investment and disbursement account in the 12 months up to the memorandum of understanding with the EU-ECB-IMF coming into force in December 2010; if he will report on the amount disbursed by way of appropriations-in-aid from the dormant accounts investment and disbursement account in the period since the memorandum of understanding came into force; if he will report on whether the existence of the MOU is a factor in the difference between the two figures; and if he will make a statement on the matter. [36670/11]

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 September 2011 the transfers to the DAF have totalled some €626.69m, which includes interest earned of some €35.63m. Funds reclaimed in that period by account holders amounted to approximately €219.87m. The net value of the Dormant Accounts Fund (uncommitted funds) is €81.81m.

A summary of the current status of the DAF is available on my Department website. This provides a profile of the Fund showing yearly inflows, reclaims, disbursements, etc, from 2003 to the end of September 2011. In 2010 disbursements from the fund totalled €20.267m; the following table sets out details in this regard, including the relevant Departments and agencies involved. The disbursements from January 2011 to the end of September 2011 are €0.818m; however, it is not appropriate to compare the 2011 figure to the 2010 figure, as end of year accounting procedures have yet to be completed in respect of all expenditure in 2011. While the expenditure in 2011 is likely to be significantly down on 2010 levels, this reflects the severe budgetary situation and is not related to the existence of the Memorandum of Understanding with the EU/ECB/IMF.

Table 1

Accounts Fund 2010

Maureen O'Sullivan (Dublin Central, Independent)
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Question 178: To ask the Minister for the Environment, Community and Local Government if his attention has been drawn to practice in the UK where dormant accounts funds are disbursed alongside the lottery funds in a single integrated administrative process; if he sees any applicability for that model in this jurisdiction; and if he will make a statement on the matter. [36671/11]

Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Several countries have successfully set up schemes in recent years to enable assets in dormant accounts to be reinvested in society. I have discussed the UK model with a delegation from the Dormant Accounts Board recently. That model enables banks, Buildings Societies and so on, to pass this money, on a voluntary basis, to the Big Lottery Fund for distribution for social and environmental purposes, while also retaining the right of reclaim to account holders.

While the mechanism for distribution is different between our jurisdictions, the overall thrust of the schemes is the same. There is nothing to suggest that one is better than the other; indeed more than a quarter of a billion Euros has been disbursed from the Fund here since it was set up in 2003. Accordingly, I see no reason to change the administrative procedures for the roll out of Dormant Accounts Funds as provided for in existing and proposed Dormant Accounts legislation.