Dormant Accounts Latest News
Dormant Accounts Acts
The main purpose of the Dormant Accounts Acts 2001 to 2005 is to reunite account holders and policyholders or their next of kin with their dormant funds and unclaimed policies in credit institutions and insurance undertakings. The Acts also provide for the transfer of unclaimed monies by credit institutions and insurance undertakings to the Dormant Accounts Fund, which is managed by the National Treasury Management Agency (NTMA), with a proviso that the account/policyholder has a guaranteed right of reclaim at any time in the future.
Summary information on the Dormant Accounts Fund
Disbursement of Funds
The legislation also provides for a scheme for the disbursement of funds that are unlikely to be reclaimed for projects and programmes designed to alleviate poverty and social deprivation. The Dormant Accounts legislation targets three broad categories of persons for support from the fund:
Round 1 Funding
The initial round of funding from the Dormant Accounts Scheme was overseen by the Dormant Accounts Fund Disbursements Board, an independent body established under the Dormant Accounts Act, 2001. The Board was also responsible for the preparation of a Disbursement Plan, which presented its objectives in making disbursements, its strategy for achieving those objectives and set out the priorities for each of its areas of activity.
Disbursements under the initial round of funding targeted, in particular, those areas designated as most disadvantaged (RAPID, CLÁR and Local Drugs Task Force Areas). Some €63 million was set aside from the Fund for this initial round of funding and a total of 521 projects were approved for funding by the Board. Drawdown of this funding is ongoing.
Round 1 (2004 & 2005) Funding Approvals
Amending Legislation
In September 2005, the Dormant Accounts (Amendment) Act 2005 came into effect. This amended legislation provides for a new process whereby Government are responsible for decisions on disbursements from the fund and a reconstituted Board, known as the Dormant Accounts Board was set up. The objectives of the scheme remain the same and disbursements continue to be made within the framework of the objectives and priorities set out in the Disbursement Plan drawn up by the Board.
Round 2 Funding (2006)
The Government approved an indicative allocation of €60m from the Fund in 2006, as follows:
Round 3 Funding (2007)
The Government approved an indicative allocation of €30m from the Fund in 2007, as follows:
The various funding measures under these categories are being rolled out on a phased basis across the relevant lead Government Departments as the specific operational arrangements are finalised.
Round 4 Funding (2008)
The Government approved an indicative allocation of a further €30m from the fund in 2008. The various funding measures are being rolled out on a phased basis across the relevant lead Government Departments.
Many of the Dormant Accounts funding measures for which the Department of Community, Equality and Gaeltacht Affairs are the lead Department are administered on behalf of the Department by Pobal, an independent not-for-profit company with charitable status that manages programmes on behalf of the Irish Government and the EU. Further information in relation to these measures is made available at www.pobal.ie as soon as funding measures are advertised.