Some €24 million from dormant accounts will be spent this year on projects aimed at alleviating social disadvantage, it was announced today.
The Dormant Accounts fund was set up three years ago from accounts in financial institutions that have not been used, or insurance policies that have not been reclaimed, for at least 15 years. It currently stands at almost €205 million.
It was initially controlled by a specially-created Disbursements Board but after the passing of an amendment act in 2004, this control passed back to the cabinet.
This prompted fierce criticism from the opposition, with Labour leader Pat Rabbitte and Fine Gael finance spokesman Richard Bruton accusing the Government of using the money as a political "slush fund".
The majority of the allocation (€11.5 million) will be used to fund projects aimed at tackling poverty in the 65 most disadvantaged urban and provincial population centres in the country.
A further €7.5 million is to be directed towards projects with "priority themes", including youth disadvantage, older people, support for immigrant families, suicide prevention, and alcohol misuse.
The remaining €5 million will be offered to organisations seeking to jointly fund community projects on matters of "major public concern".
Speaking at the unveiling of the package, Minister of State Noel Ahern said that the Government had sought to ensure that the funds were directed at those "most in need".
A further €36 million is to be evenly split between targeting educational disadvantage and assisting those with disabilities, bringing the total allocation of dormant funds to €60 million. A detailed breakdown of this allocation is due to be outlined later in the year.