Gerald Nash (Louth, Labour)
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871. To ask the Minister for Rural and Community Development the status of and position regarding the dormant account funds; and if she will make a statement on the matter. [46093/21]

Joe O'Brien (Dublin Fingal, Green Party)
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The main purpose of the Dormant Accounts Acts 2001-2012 is to reunite account or policy holders with their dormant funds in credit institutions or insurance undertakings. These bodies are required to take steps to identify and contact the owners, with any unclaimed funds transferred by the holding institution, each year, to the Dormant Accounts Fund which is managed by the National Treasury Management Agency. The transfer of moneys takes place on the basis that the beneficial owner has a guaranteed right of reclaim at any time in the future.

The legislation also introduced a scheme for the disbursement of funds that are unlikely to be reclaimed. These funds can be used for the purposes of measures to assist the personal and social development of persons who are economically or socially disadvantaged; the educational development of persons who are educationally disadvantaged or; persons with a disability. The Dormant Accounts (Amendment) Act 2012 provides for the Minister to put in place Disbursement Schemes which cover a three year period. These schemes set out the principles and priority areas for disbursements over the period. Subsequent Annual Action Plans, which are also prepared by the Minister in consultation with other Ministers, detail the approved measures for funding each year. These Disbursement Schemes and Action Plans, including the current ones in place, are available on the Departments website. www.gov.ie/en/policy-information/c376c9-dormant-accounts-fund/

The current 2021 Dormant Accounts Action Plan details funding of €51 million for 46 measures across 10 Government Departments. The 2022 Dormant Accounts Action Plan is currently in preparation and will be published shortly after Budget 2022. It is expected that this Action Plan will provide for a similar level of support in 2022.

Annual reports are also published on the website, with the most recent report for 2020 detailing funding measures totalling €93.5m, which included once off funding of €45 million to support the Covid-19 Stability Fund which provided grants to charities, community and voluntary organisations and social enterprises who were supporting the most vulnerable in society throughout the pandemic.

Finally, the most recent information from the NTMA with regard to the value of the Dormant Accounts Fund shows an overall balance of €283.7 million in the fund at the end of August 2021, with €108 million of this set aside for possible future refunds to beneficial owners of the funds.