Higher Education Authority an tÚdarás um Ard-Oideachas HEA

Dormant Accounts Funding for the Development of Access Services in the Institute of Technology Sector

Dormant Accounts are accounts in financial institutions (banks, building societies and An Post) that have not been used, or insurance policies that have not been used, or insurance policies that have not been reclaimed by their owners for at least 15 years.

The main purpose of the dormant accounts legislation (Dormant Accounts Act 2001, the Unclaimed Life Assurance Policies Act, 2003 and the Dormant Accounts (Amendment) Act 2005) is to reunite account holders and policy holders or their next of kin with their dormant funds and unclaimed policies in credit institutions and insurance undertakings.

The legislation also provides for a scheme for the disbursement of funds that are unlikely to be reclaimed for projects and programmes designed to alleviate poverty and social deprivation.  The Dormant Accounts legislation targets three broad categories of persons for support from the fund:

•    Those affected by economic and social disadvantage
•    Those affected by educational disadvantage; and
•    Persons with a disability

Over two allocation cycles, and following calls for proposals and processes of assessment, a total of €2.4m has been approved by government from Dormant Accounts to support the development of access services in the Institutes of Technology. These allocations will fund a total of 56 projects across the14 institutes over the next two years. The projects funded will assist educationally disadvantaged students to participate in higher education. A breakdown of the funding by cycle, institute and project is provided below. The disbursement of Dormant Accounts funding to the Institutes of Technology is managed by the Higher Education Authority, on behalf of the Department of Education and Science.

Click here for a list of Projects approved for funding under Cycle I

Click here for a list of Projects approved for funding under Cycle II