From Department of Rural and Community Development
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Joe O’Brien, T.D., Minister of State at the Department of Rural and Community Development, today (12th November 2021) announced funding of €55.5 million from the Dormant Accounts Fund to address disadvantage right across the country.
Money in the Dormant Accounts Fund can be used to fund measures that address economic, social, or educational disadvantage and to support people with a disability. The 2022 Action Plan allocates funding of €55.5 million to 42 measures to be delivered across 10 Government Departments.
Launching the Action Plan today, Minister O’Brien said:
“I am delighted to launch the Dormant Accounts Action Plan 2022 which provides funding of €55.5 million to help address disadvantage right across Ireland. The 42 measures approved for funding in 2022 will be implemented across Government and will help to address a diverse range of issues such as long term unemployment, traveller equality, youth disadvantage, migrant integration and probation supports to prevent re-offending.”
The Minister continued:
“Dormant Accounts funding makes a real difference to individuals and communities right across the country. The 2022 Action Plan being published today will help ensure that we can continue to support those who need it most during these challenging times. I am particularly pleased to see that €2.5 million is allocated for traveller initiatives and services across 5 departments.”
In total, 42 different measures, to the value of €55.5 million will be supported under the 2022 Action Plan. A full list of measures to be funded under the 2022 Dormant Accounts Fund Action Plan is set out in the table below.
Many measures have been funded in previous Action Plans and have now been approved for continued funding in 2022 to enable the measures to operate again next year. The majority of approved measures will progress in 2022, with each Government Department responsible for delivery of their own measures. Minister of State Joe O’Brien T.D. asked Ministers to try to propose actions that would be of benefit to the Traveller community. Measures can progress over a number of years with funding drawn down from the Fund as spending is incurred.
Some examples of measures approved for funding include:
This Action Plan builds on previous plans and ensures continued support for individuals and organisations right across the country. Funding under the 2022 Action Plan has increased to €55.5 million from €51 million. This builds further on a strong growth in spend in recent years, based on the resources in the fund, and compares to €28.5 million approved in the 2016 Action Plan.
Background to the Dormant Accounts Fund
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:
1. the personal and social development of persons who are economically or socially disadvantaged;
2. the educational development of persons who are educationally disadvantaged or
3. persons with a disability.