Dormant accounts board may disburse over €170m

The Minister for Social, Community and Family Affairs, Mr Ahern, has announced the establishment of the Dormant Accounts Fund Disbursements Board. The move follows the enactment of the Dormant Accounts Act last year which, according to Department of Finance estimates, will result in more than €170 million in unclaimed funds being available for disbursement.

While the main purpose of the Act is to reunite accountholders with their dormant funds in banks, building societies and An Post, it also provides for a scheme to distribute unclaimed moneys for projects and programmes designed to alleviate poverty and social deprivation.

The scheme will also be applied to programmes to assist people with disabilities or primary school students with learning difficulties.

Mr Ahern has appointed barrister Mr Conleth Bradley as chairman of the board and membership of the board includes representatives from the financial services industry, community and voluntary sector, disability organisations and the education sector.

The Minister stressed the important role assigned to the board to prepare a plan for disbursing surplus dormant funds from May 2003.

"I look forward to the board drawing up proposals which will make a real difference to the lives of disadvantaged people," he said.

The Act provides that the board will, as soon as practicable after its establishment, prepare a plan for disbursement of monies from the fund. The plan will include the objectives of the board in making disbursements, and what strategy the board has for achieving those objectives.

Members of the board include Professor Aine Hyland of University College Cork; former director of Aer Lingus Mr Donal O'Siochain; the chief executive of the Irish Wheelchair Association, Mr Seamus Thompson; Mr Enda Twomey of the Irish Bankers' Federation (IBF); and solicitor Mr Frank Ward.

The president of the IBF, Mr Donal Forde, said recently the Department of Finance's belief that €178 million may lie dormant in accounts was misplaced.

"We expect a high level of reactivation, which will result in a much lower figure at the end of the day," he said.