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Press Release

Minister Canney publishes the Dormant Accounts Action Plan 2019 providing an additional €6.5 million to benefit disadvantaged groups

Published: 4 June 2019
From: Department of Rural and Community Development

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:

“I am delighted to launch the new Dormant Accounts Action Plan 2019 which provides funding for six additional measures that will progress in 2019. The objective of the Dormant Accounts Fund is to support people who experience economic, social or educational disadvantage, or to assist persons with a disability. The projects being approved today do just that. And I am particularly pleased that they will deliver social benefits to people right across the country over the coming years.”

Minister Canney added:

“2018 saw the level of funding from the Dormant Accounts Fund increase to €28 million from €16 million the previous year. These new measures, along with measures previously approved, should see funding levels increase to over €30 million in 2019. I am delighted to be able to ensure that the money in the fund is being put to good use.”

Minister Ring noted:

“I am delighted that my Department is in a position to provide assistance under the Dormant Accounts Fund to so many worthwhile projects. For example, the €500,000 for Men’s Sheds will make a huge difference to communities across the country. It will help Sheds to develop, so that they provide men in a locality with a place to go to share their experience and make friends. This is hugely important as we need to continue to help each other out with the issues that we may be facing. Companionship and a sense of place is vital to our mental wellbeing, and the Sheds provide a space where healthy connections are made and nurtured. This is just one example of the many worthwhile activities covered by the Fund.”

ENDS

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

Dormant Accounts 2019 Action Plan

This document details the Dormant Accounts Action Plan for 2019

Download