Written answers

Tuesday, 17 October 2017

Department of Rural and Community Development

Dormant Accounts Fund

Photo of Catherine ConnollyCatherine Connolly (Galway West, Independent)
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536. To ask the Minister for Rural and Community Development the status of the statutory review of the disbursement scheme for the dormant accounts fund due in December 2016; and if he will make a statement on the matter. [43622/17]

Photo of Michael RingMichael Ring (Mayo, Fine Gael)
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The legislation governing the Dormant Accounts Fund provides for the preparation of a three-year Disbursement Scheme which sets out the guiding principles for disbursements from the Fund to support programmes and projects targeting specified categories of disadvantaged people.

The legislation also provides that a review should be carried out within 3 years of the first scheme taking effect, and at least once in every three years thereafter. The first Disbursement Scheme covered the period 2013 to 2016.

The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, which had responsibility for the Dormant Accounts schemes at the time, initiated a review of the 2013-2016 Disbursement Scheme in November 2016, with a view to preparing a new three-year scheme. In reviewing the Scheme, the Department consulted with relevant Government Departments and asked them to examine the previous scheme and to submit any proposals for amendments to the new scheme.

A new three-year Disbursement Scheme, covering the period 2017-2019 inclusive, was laid before the Houses of the Oireachtas on 8 May 2017.

Notwithstanding the work carried out in the preparation of the new scheme, I can confirm that my Department intends to examine all aspects of the administration of the Dormant Accounts Fund Disbursement Scheme as part of its forthcoming work programme, including a further review of the effectiveness of the 2013-2016 Scheme.

Photo of Catherine ConnollyCatherine Connolly (Galway West, Independent)
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537. To ask the Minister for Rural and Community Development the balance in the Dormant Accounts Fund at the end of September 2017; and if he will make a statement on the matter. [43623/17]

Photo of Michael RingMichael Ring (Mayo, Fine Gael)
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The Dormant Accounts Act 2001, together with the Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Acts 2005-2012, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings.  The Dormant Accounts Fund is managed by the National Treasury Management Agency.

The legislation governing the Fund provides for a scheme for the disbursement of funds that are unlikely to be reclaimed, for the purposes of supporting programmes or projects to assist specified disadvantaged groups.  My Department coordinates these disbursement schemes.

Since its establishment in April 2003 to the end of September 2017, inflows to the Dormant Accounts Fund have totalled some €941.5 million, including interest earned of approximately €41 million.

Payments made from the Fund amount to €649.6 million, including €357.87 million reclaimed by account holders.

When account is taken of a reserve for future claims by account holders, and commitments to be disbursed by the NTMA on foot of approvals to projects and programmes, the net value of the Dormant Accounts Fund stood at €124.8 million at the end of September 2017.

Photo of Catherine ConnollyCatherine Connolly (Galway West, Independent)
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538. To ask the Minister for Rural and Community Development why his Department spent less than half of the amount provided for in Vote Estimates from the Dormant Accounts Fund in the 2012 to 2016 period; and if he will make a statement on the matter. [43624/17]

Photo of Michael RingMichael Ring (Mayo, Fine Gael)
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The programmes and projects funded through the Dormant Accounts Fund are implemented through a number of Government Departments. It is a matter for the Accounting Officers of the relevant Departments to comment on underspends which occurred on programmes or projects which came under their Departments' remit over the period 2012-2016.

Statutory responsibly for the Dormant Accounts Fund, along with certain measures administered by the former Department of Housing, Planning, Community and Local Government and the former Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, were transferred to my Department on 27th July 2017.

I will be seeking to ensure that any measures operated by my own Department which are supported by the Dormant Accounts Fund are run as effectively as possible and that the funding provided is fully utilised. 

Photo of Catherine ConnollyCatherine Connolly (Galway West, Independent)
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539. To ask the Minister for Rural and Community Development the status of the 2015 and 2016 action plans relating to the disbursement scheme; the reason for the delay in publication; when they will be published; and if he will make a statement on the matter. [43625/17]

Photo of Michael RingMichael Ring (Mayo, Fine Gael)
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Responsibility for the Dormant Accounts Fund disbursement schemes transferred from the Department of the Environment, Community and Local Government to the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs in May 2016.  It subsequently transferred to my Department on 27 July 2017. 

While the Deputy's question relates to periods prior to the transfer of responsibility to my Department, I understand that while there was no Action Plan for 2015, a Dormant Accounts Action Plan for 2016 was laid before the Houses of the Oireachtas on 14 April 2016.

Photo of Catherine ConnollyCatherine Connolly (Galway West, Independent)
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540. To ask the Minister for Rural and Community Development the number of disbursement reports, similar to the disbursement of moneys from the investment and disbursements accounts annual report 2014, that have been published on an annual basis prior to this report; the reports that have been published since; and if he will make a statement on the matter. [43626/17]

Photo of Michael RingMichael Ring (Mayo, Fine Gael)
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Prior to 2013, disbursements from the Dormant Accounts Fund were managed by the Dormant Accounts Disbursement Board and, subsequently, by the Dormant Account Board. 

The Dormant Accounts (Amendment) Act 2012 dissolved the Dormant Accounts Board and transferred the statutory functions of the Board to the Minister for the Environment, Community and Local Government with effect from 1st January 2013. 

The Act provides that the Minister shall prepare and furnish an annual report to the Government on the disbursement of monies from the Dormant Accounts Funds to programmes and projects during the preceding year.  The first annual report following the transfer of these functions was in respect of 2014.   

Responsibility for the Dormant Accounts Fund disbursement schemes transferred to the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs in May 2016 and subsequently to my Department on 27th July 2017.  I will be bringing the Annual Reports on the operation of the Dormant Accounts Fund disbursement schemes for 2015 and 2016 to Government for approval shortly with a view to their publication.

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