Dormant account fund gets €56m boost

THE dormant accounts fund has just got a cash boost of €56 million, bringing the total fund for the disadvantaged and people with disabilities to €225m.

The extra cash comes from accounts in banks and building societies that have not been touched by clients for 15 years and, for the first time, from life assurance policies that have not been claimed in the same period.

The money includes €33m from the banks and building societies and €23m from insurance companies, paid into the Dormant Account fund this month, according to the National Treasury Management Agency (NTMA).