Written answers
Wednesday, 1 May 2013
Department of Environment, Community and Local Government
Dormant Accounts Fund Deposits
Seán Ó Fearghaíl (Kildare South, Fianna Fail)
Link to this: Individually | In context | Oireachtas source
67. To ask the Minister for Environment, Community and Local Government the net amount transferred into the Dormant Accounts net of repayments to the financial institutions each year since the inception of the fund; the total amount transferred; and if he will make a statement on the matter. [20470/13]
Phil Hogan (Carlow-Kilkenny, Fine Gael)
Link to this: Individually | In context | Oireachtas source
Since its establishment in April 2003 to the end of March 2013, the transfers to the Fund have totalled some €678.5 million, which includes interest earned of approximately €38.7 million. Funds reclaimed in that period by account holders amounted to around €255.4 million. The net value of uncommitted funds is currently €85 million. This does not include a Reserve Fund, currently standing at €56.8 million. The table provides a profile of the Fund showing yearly inflows, reclaims, disbursements, etc, from 2003 to the end of March 2013.
Appendix A - Value of Dormant Accounts Fund at 31/03/2013
| Year | Inflows | Inflows | Inflows | Inflows | Inflows | Gross Inflow of Funds | Outflows | Outflows | 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 | 20,970,740 | 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 | 25,496,009 | 11,074,307 | 6,783,903 | 0 | 2,004,458 | 45,358,677 | 22,022,290 | 4,159,969 | 803,305 | 161,330,133 |
2013 | 171,120 | 0 | 0 | 0 | 808,881 | 980,001 | 3,392,297 | 0 | 0 | |
| Totals | 289,443,809 | 270,981,200 | 74,975,270 | 4,400,000 | 38,682,651 | 678,482,930 | 255,434,705 | 250,686,794 | 13,443,594 | €158,917,837 |
| Liabilities on the Fund: | ||||
|---|---|---|---|---|
| Of which | ||||
| 1. Reserve for future reclaims by account holders | -56,838,980 | |||
| 2. Disbursements allocated to beneficiary projects by | Approved | Decommited | Net Approved | |
| (a) Dormant Accounts Fund Disbursement Board | 63,082,815 | 4,753,521 | 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 | ||
| (h) Government - Allocation to support labour activation in local authorities | 2,835,000 | 2,835,000 | ||
| Sub-totals | 277,622,698 | -10,088,561 | 267,608,962 | |
| 3. Remaining funds to be disbursed by NTMA on foot of approvals | -16,922,168 | |||
| Net Value of Dormant Accounts Fund (uncommitted funds) | €85,156,689 |
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.
No comments