Minister O’Brien publishes the Dormant Accounts Action Plan 2021
- Published on: 12 November 2020
- Last updated on: 12 November 2020
€51 million in funding to help address disadvantage.
Joe O’Brien, TD, Minister of State at the Department of Rural and Community Development, today announced funding of over €51 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 2021 Action Plan allocates funding of €51 million to 46 measures to be delivered across 10 Government Departments.
Some examples of measures approved for funding include:
- €6.4 million for investment in sports in disadvantaged communities and for persons with disabilities.
- €6 million for youth and community justice services aimed at countering the influence and impacts of crime on young people and in communities.
- €2.3 million to support social enterprises to address social and economic disadvantage.
- €1 million for a youth initiative to provide young people with the soft skills needed to improve employability.
Launching the Action Plan today, Minister O’Brien said:
“I am delighted to launch the Dormant Accounts Action Plan 2021 which provides funding of over €51 million to help address disadvantage right across Ireland. The 46 measures approved for funding in 2021 will be implemented across Government and will help to address a diverse range of issues such as long term unemployment, 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 Navan Travellers Workshop, It’s Good to Talk Counselling Service in Wexford and the Lucan Disability Action Group are examples of two organisations that recently received support from the Dormant Accounts Fund through the COVID 19 Stability Fund. "
"Dormant Accounts Funding is helping vulnerable individuals, supporting social inclusion, and strengthening our communities. The 2021 Action Plan being published today will help ensure that we can continue to support those who need it most during these challenging times.”
The Dormant Accounts Fund Action Plan 2021 is available to download here.
ENDS
Notes for editors:
#DAF2021
In total, 46 different measures, to the value of €51 million will be supported under the 2021 Action Plan. A full list of measures to be funded under the 2021 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 2021 to enable the measures to operate again next year. The majority of approved measures will progress in 2021, 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. Funding under the 2021 Action Plan has increased to €51 million from €45.5 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.
Separately, in 2020, Dormant Accounts Funding has also funded €50 million in once-off supports for charities, community and voluntary organisations, and social enterprises in response to the Covid-19 pandemic. This funding is currently being disbursed to successful applicants under the Covid-19 Stability Fund (€45 million) and the Covid-19 Innovate Together Fund (€5 million).
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.