Mr Seán Canney TD, Minister of State for Community Development, Natural Resources and Digital Development , today (Tuesday, 4 June) announced additional funding of €6.5 million from the Dormant Accounts Fund to support disadvantaged groups across the country.
The Dormant Accounts Action Plan 2019 allocates funding to six measures across three departments. Funding is being provided for three measures relating to Sports and Physical Activity Measures for disadvantage persons. Funding is also being provided to support the Big Brother Big Sister youth mentoring programme, Men’s Sheds organisations and eight LGBTI Community Organisations.
The measures will provide much needed support for economically, educationally and socially disadvantaged groups and the disabled. They add to measures approved last year to progress in 2019. In total, over €30 million worth of measures will be supported from the Dormant Accounts Fund in 2019.
Making the announcement today, Minister Canney said:
Minister Canney added:
Minister Ring noted:
Note to Editors
The Dormant Accounts Acts 2001-2012, 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 and An Post) and unclaimed life assurance policies in insurance undertakings.
The main purpose of the legislation is to reunite account or policy holders with their funds in credit institutions or insurance undertakings and in this regard, these bodies are required to take steps to identify and contact the owners of dormant accounts and unclaimed life assurance policies.
However, in order to utilise the unused funds in dormant accounts and unclaimed policies to best use, the legislation also introduced a scheme for the disbursement of funds that are unlikely to be reclaimed from dormant accounts and unclaimed policies 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 six measures being approved here are in addition to the measures approved under 2018 Dormant Accounts Fund Action Plan which are progressing in 2019. In total over €30 million in measures will progress in 2019.
Each Government Department is responsible for delivery of their own measures, with the moneys then recouped from the Dormant Accounts Fund.
Activity under the fund has increase substantially over the last number of years, with funding levels increasing from €10 million in 2016, to €16 million in 2017, and up to €28 million in 2018.
The following table provides a summary of measures and allocated funding under the Dormant Accounts Action Plan 2019.
|Lead Department||Measure No.||Description||Max Allocation|
|Department of Transport, Tourism and Sport||1||Community Sport and Physical Activity Hubs||€1,473,333|
|Department of Transport, Tourism and Sport||2||National Sport Education and Training Hub||€963,333|
|Department of Transport, Tourism and Sport||3||Sports measures for disadvantaged communities to support the National Physical Activity Plan||€2,563,333|
|Department of Children and Youth Affairs||4||Big Brother Big Sister - youth mentoring programme||€808,790|
|Department of Rural and Community Development||5||Support for Mens Sheds organisations||€500,000|
|Department of Rural and Community Development||6||Support for eight LGBTI community organisations||€200,000|
|Total Max Allocation||€6,508,789|