Longford Sports Partnership

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Dormant Account Funding

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 in dormant accounts and unclaimed policies to best use, 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:

  • the personal and social development of persons who are economically or socially disadvantaged;
  • the educational development of persons who are educationally disadvantaged or
  • persons living with disability.

A full list of measures to be funded under the 2018 Dormant Accounts Fund Action Plan is set out on the table below. In total, 45 different measures, to the value of €39.7 million, will be supported under this year’s Action Plan.