The Dormant Accounts Fund consists of unclaimed funds from accounts in credit institutions in Ireland. Dormant funds or unclaimed life assurance policies which have not been reclaimed by the original account or policy holder or their beneficiaries are transferred each year to the Fund (though beneficial owners have a guaranteed right of reclaim to their property at any time in the future).
The legislation governing the Fund allows it to be used for:
– the personal and social development of persons who are economically or socially disadvantaged;
– the educational development of persons who are educationally disadvantaged, or
– persons with a disability.
Disbursement Schemes and Action Plans are prepared by the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs for these purposes.
The current Disbursement Scheme for the Fund ran to the end of 2016 and the Department is currently carrying out a consultation process seeking proposals for inclusion in a new Scheme to cover the period 2017-2019. An Action Plan for 2017 under this new Disbursement Scheme will be drawn up and will contain details of specific schemes or programmes to be operated by other Departments using the Fund.