€40m from dormant bank accounts to be used for community projects

Money from dormant bank accounts will be used by the government to fund new community projects across the country.

A total of €40 million will be spent across 10 government departments.

The money can be taken from accounts that haven't been used for 15 years or more but returned if the holders come forward.

Minister of State, Sean Kyne, says there is up to hundreds of millions in unused accounts.

"Well there's over €300 million in the dormant accounts," said Mr Kyne.

"Now the dormant accounts is the people's money - literally - and the people can claim back that money if they can identify that they had dormant accounts.

"It is actually a debt on the State because in theory everybody could come back looking for the money, hopefully they won't."

The Minister added: "It's about prudent management of this fund and recognising that it is a debt on the State but also utilising this money that would otherwise be left idle and ensuring that it's put to good causes.

"Specifically confined to three different areas: areas around disadvantage, areas around disability and education."

Digital Desk

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