Press release
Minister O’Brien publishes the Dormant Accounts Fund Annual Report 2020
From Department of Rural and Community Development
Published on
Last updated on
From Department of Rural and Community Development
Published on
Last updated on
Joe O’Brien TD, Minister of State at the Department of Rural and Community Development, today (18th, June 2021) published the 2020 Dormant Accounts Fund Annual Report.
The Dormant Accounts Fund is used to fund measures that address economic, social, or educational disadvantage and to support people with a disability. In 2020 expenditure from the fund amounted to €93.5 million and the Annual Report details how that money was spent on Dormant Accounts measures over the year across 10 Government Departments.
Publishing the Annual Report today, Minister O’Brien said:
“In 2020 over €93 million was provided for vital projects across Ireland to address a diverse range of issues such as long term unemployment, youth disadvantage, migrant integration and probation supports to prevent re-offending. The report I’m publishing today provides the detail of that expenditure and how different Government Departments have utilised the funding to enhance social inclusion and address disadvantage.”
The Minister continued:
“Dormant Accounts funding makes a real difference to individuals and communities right across the country. It is helping vulnerable individuals, supporting social inclusion, and strengthening our communities. The fund was particularly important last year in that it allowed €50 million in grant supports which assisted charities, community and voluntary organisations, and social enterprise to contribute to the community response to the COVID-19 pandemic.”
The Dormant Accounts Fund Annual Report 2020 is available: here.
The spend of €93.5 million was made up of €50 million for COVID-19 supports and €43.5 million for normal dormant account measures, up from €37.4 million in 2019, €28 million in 2018, €15.8 million in 2017 and €12 million in 2016.
Expenditure occurred across a range of Departments, providing programmes to support children and youths; prisoners; the unemployed; carers; victims of crime; those suffering domestic violence; people suffering from dementia; and marginalised groups. €50 million was also provided for once off COVID-19 supports in 2020, for charities, community and voluntary organisations, and social enterprises.
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 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 following table provides a summary of measures and funding provided in 2020 to each relevant Government Department: here.