Minister Canney publishes the Dormant Accounts Action Plan 2020

Mr Seán Canney TD, Minister of State today announced funding of over €45 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 2020 Action Plan allocates funding of €45.5 million to 43 measures to be delivered across 9 Government Departments.

Launching the Action Plan today, Minister Canney said:

The Minister continued:

Michael Ring TD, the Minister for Rural and Community Development noted:

Notes to Editors

In total, 43 different measures, to the value of €45.5 million will be supported under the 2020 Action Plan. A full list of measures to be funded under the 2020 Dormant Accounts Fund Action Plan is set out in the table below.

The majority of measures will commence in 2020, with each Government Department responsible for delivery of their own measures. Measures can progress over a number of years with funding drawn down from the Fund as spending is incurred.

This Action Plan builds on previous plans and ensures continued support for individuals and organisations right across the country.

The level of funding through Dormant Accounts has grown substantially in recent years, for example, the €45.5 million approved here 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.

Summary Table of Dormant Accounts Fund Action Plan

The following table provides a summary of measures and allocated funding under the Dormant Accounts Action Plan 2020 to each relevant Government Department. Full details are within the Action Plan itself and can be found here:

Dormant Accounts Fund Action Plan 2020