Michael McGrath (Cork South Central, Fianna Fail)
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218. To ask the Minister for Environment, Community and Local Government the current balance in the Dormant Account Fund; and if he will make a statement on the matter. [2028/15]

Alan Kelly (Tipperary North, Labour)
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The Dormant Accounts Acts 2001 to 2012, together with the Unclaimed Life Assurance Policies Act 2003, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies, An Post and insurance companies) and unclaimed life assurance policies in insurance undertakings. The primary purpose of the legislation is to re-unite the original account holders with their moneys, including all interest due. In addition, the legislation provides that disbursements from the fund may be made for charitable purposes or for purposes of community benefit.

Since its establishment in April 2003 to the end of November 2014, the transfers to the Fund have totalled some €779 million, which includes interest earned of approximately €40.6 million. Funds reclaimed in that period by account holders amounted to around €294.6 million. €301 million of disbursements has been approved, with €252 million already spent on projects designed to benefit the community over the same period. The net value of uncommitted funds is currently €114 million. This does not include a Reserve Fund, currently standing at €65.8 million.

Further data in relation to the Dormant Accounts Fund are available on my Department’s website at .