The Dormant Accounts Board, which has provided €267 million to a range of community projects in Ireland since it was established in 2003, is to be abolished, the Irish government has announced.
The Board still has over €100 million in the pot but the restrictions placed on the Irish government as a condition of the bailout by the so called ‘troika’ of lenders to Ireland – the European Commission, European Central Bank and International Monetary Fund – means that the remaining funds cannot currently be distributed to community projects.
The Dormant Accounts fund is money that was gathered from banks accounts and insurance policies that were inactive for more than 15 years.
The remaining funds will be transferred to the Department of Environment but any decision about spending the funds has to be sanctioned by the Department of Public Sector Reform which acts in accordance with restrictions placed on it by the troika.
Dormant Accounts funding helped those affected by economic and social disadvantage, those affected by educational disadvantage and people with a disability.