Minister O’Brien publishes the Dormant Accounts Fund Annual Report 2023
- Foilsithe: 28 Meitheamh 2024
- An t-eolas is déanaí: 25 Deireadh Fómhair 2024
- €52.2 million spent to help address disadvantage
- children, prisoners, carers and marginalised groups all supported through fund
- Minister Joe O’Brien: “It is making a real difference to people’s lives now and for the future”
Joe O’Brien, Minister of State at the Department of Rural and Community Development, today (20 June 2024) published the 2023 Dormant Accounts Fund Annual Report.
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 2023 Annual Report details that expenditure on Dormant Accounts measures over the year amounted to €52.2 million across 11 government departments.
Four case studies of measures supported in 2023 are included in the report:
- Sail Training Ireland - The Dormant Accounts Fund provided €50,000 to Sail Training Ireland. This enabled 63 young people from disadvantaged backgrounds, or who had a disability or additional needs, to take part in science focused voyages around Ireland. Without the funding these young people could not have taken part and benefited from this experience
- Network for Teaching Entrepreneurship Programme (NFTE) - €300,000 was provided to the NFTE Programme to engage young people who are experiencing adversity and disadvantage to develop core skills in business and enterprise. 6,500 students were engaged in the programme in 2023, supported by 280 teachers, youth workers and volunteers. The programme has won awards at both national and European level
- Community Based Health in Justice - Funding worth €278,000 was allocated to the Irish Prisons Service to support the Community Based Health in Justice Programme. This has focused on community based, prisoner led, actions to help improve health, mental wellbeing, drug awareness and to reduce violence. The project has demonstrated how peer led awareness raising and advocacy can have a hugely positive impact across the prison network
- Tusla Education Services- The Dormant Accounts Fund provided funding of €104,600 for 10 Home School Community Liaison (HSCL) coordinators serving fourteen post-primary schools outside of the DEIS programme with high Traveller and Roma enrolments. These HSCLs are in post across eight counties (three in Limerick, two each in Tipperary, Offaly, and Galway, one each in Meath, Mayo, Leitrim and Dublin). The programme is helping to engage the wider traveller and Roma communities to become involved and engaged in the education of the students
Publishing the Annual Report today, Minister O’Brien said:
“I am delighted to publish the Dormant Accounts Fund Annual Report 2023 which shows that funding of over €52 million was provided in 2023 to help address disadvantage right across Ireland.
“The 46 measures included in the report were implemented across Government and have helped to address a diverse range of issues such as providing programmes to support children and youths; prisoners; carers; and marginalised groups such as the Traveller and Roma Community.”
The Minister continued:
“The programmes being funded are providing opportunities for disadvantaged individuals and communities that would not be possible without the Dormant Accounts Fund.
“It is making a real difference to people’s lives now and for the future, and providing many people with skills and experiences that will have long lasting positive impacts.”
Minister Heather Humphreys noted:
“I welcome the publication of the 2023 Dormant Accounts Annual Report which outlines how over €52 million in funding targeted disadvantage last year. Within our department, €12.46 million was utilised for measures such as the Senior Alerts Scheme, Social Enterprise, Targeted Social Inclusion Measures and Library Supports.
“These supports would not be possible without the Dormant Accounts Fund, and it is helping to support social inclusion in communities right across the country.”
Notes
Total expenditure from Dormant Account Fund in 2023 was €52.2 million for 46 measures across 11 departments. The Annual Report provides information on these measures and also detailed four case studies of measures/projects funding in 2023.
Expenditure occurred across a range of departments, funding measures to support children and youths; prisoners; carers; victims of crime; homelessness; and marginalised groups such as the Traveller and Roma Community.
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 (that is, 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
