Written answers
Thursday, 11 October 2012
Department of Environment, Community and Local Government
Dormant Accounts Fund Management
Eric Byrne (Dublin South Central, Labour)
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To ask the Minister for Environment, Community and Local Government the position regarding the dormant accounts fund and the way community organisations can apply for funding through same. [43865/12]
Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Total funds as at end August 2012 in the Dormant Accounts Fund are €169.305 million as shown in the table below. Of that sum, €17.968 million is committed to projects, with €54.542 in the statutory reserve. The table provides a profile of the Fund showing yearly inflows, reclaims, disbursements, etc, from 2003 to the end of August 2012.
The process in place for disbursement from the Dormant Accounts Fund provides for consideration of applications received on foot of advertised measures. There are no funding measures open for applications under the Fund at present.
Inflows Outflows
| Year | Banks/building societies | An Post products | Insurance products | Intestate Estates | interest earned | Gross inflows of funds | Reclaimed by account holders | Disbursed by NTMA | Expenses and Compliance Cost | Net Funds |
|---|---|---|---|---|---|---|---|---|---|---|
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 | 20,970,740 | 12,304,426 | 6,009,518 | 0 | 472,958 | 39,757,642 | 20,302,633 | 20,267,035 | 1,618,257 | 132,425,960 |
2011 | 27,841,100 | 9,912,279 | 5,326,408 | 0 | 1,137,669 | 44,217,456 | 24,345,430 | 8,403,338 | 937,628 | 142,957,020 |
2012 | 18,976,039 | 10,889,787 | 7,674,387 | 0 | 829,782 | 38,369,995 | 11,742,513 | 278,845 | 0 | 169,305,657 |
Totals | 282,752,719 | 270,796,680 | 75,865,754 | 4,400,000 | 36,699,094 | 670,514,247 | 241,762,631 | 246,805,670 | 12,640,289 | 169,305,657 |
| Liabilities on the Fund: | ||||
|---|---|---|---|---|
| Of which | ||||
| 1. Reserve for future reclaims by account holders | -54,542,744 | |||
| 2. Disbursements allocated to beneficiary projects by | Approved | Decommited | Net Approved | |
| (a) Dormant Accounts Fund Disbursement Board | 63,082,815 | 4,678,696 | 58,404,119 | |
| (b) Government (2006) | 75,642,596 | 4,552,415 | 71,090,181 | |
| (c) Government (2007) | 22,278,213 | 698,845 | 21,579,368 | |
| (d) Government (2008) | 30,134,074 | 83,780 | 30,050,294 | |
| (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 | -10,013,736 | 264,773,962 | |
| 3. Remaining funds to be disbursed by NTMA on foot of approvals | -17,968,292 | |||
| Net Value of Dormant Accounts Fund (uncommitted funds) | €96,804,621 |
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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