Michael McGrath (Cork South Central, Fianna Fail)
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143. To ask the Minister for Environment, Community and Local Government if his Department has sought to quantify the amount of unclaimed money sitting in financial products in the State including pension funds, investment accounts in financial institutions, and insurance bonds, which may occur for a number of reasons including the customers not being contactable, the financial service provider changing name or contact details, customers being deceased; if his Department or Central Bank of Ireland is planning any initiative on the issue; and if he will make a statement on the matter. [25111/14]

Phil Hogan (Carlow-Kilkenny, Fine Gael)
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The Dormant Accounts Act 2001 (as amended by the Unclaimed Life Assurance Policies Act 2003, the Dormant Accounts (Amendment) Act 2005 and the Dormant Accounts (Amendment) Act 2012), provides for a scheme to transfer dormant funds in banks, building societies and An Post and the transfer of moneys payable under unclaimed life assurance policies to the care of the State, while guaranteeing a right of reclaim to those funds.

The period for determining dormancy is 15 years since the last customer-initiated transaction. In the case of life assurance policies with a specified term, it is five years after the end of that term. The financial institution at which the dormant accounts are held transfers the funds not later than 30 April each year to the National Treasury Management Agency as required by the Dormant Accounts legislation. The financial institution provides the NTMA with a statement in writing specifying the total amount of moneys transferred and the total number of the accounts transferred.

The NTMA is responsible, under Sections 17 and 18 of the 2001 Act, for establishing, managing and controlling the Dormant Accounts Fund. Since its establishment in April 2003 to the end of April 2014, the transfers to the Dormant Accounts Fund have totalled some € 776 m. Funds reclaimed in that period by account holders amounted to around €28 3 m, with just over €252m disbursed on projects designed to benefit the community over the same period. The net value of uncommitted funds in the account stands at approximately € 145 m.  Further details on funding are provided in the community section of my Department’s website at :

I have no plans at present to expand the range of financial products covered by the Dormant Accounts legislation.