The Dormant Accounts Act, 2001 (as amended) provides for a scheme to transfer dormant funds in banks, building societies and An Post and the transfer of moneys payable under unclaimed life assurance policies to the care of the State, while guaranteeing a right of reclaim to those funds. It further provides for the introduction of a scheme for the disbursement, for charitable purposes, or purposes of societal and community benefit, of funds which are not likely to be reclaimed.

The Dormant Accounts Fund consists of a Reserve Account from which reclaims and various expenses are paid and an Investment and Disbursements Account from which investments and disbursements are made.

The Agency is responsible, under sections 17 and 18 of the 2001 Act, for establishing, managing and controlling the Dormant Accounts Fund and has all powers (including the power to charge fees, payable from the Fund, in relation to the management and control of the Fund) that are necessary to the performance of its functions. These functions include:

• the making of disbursements in accordance with the directions of the Minister for Public Expenditure and Reform
• the maintenance of the Reserve Account
• the defraying of the specified fees, costs and expenses incurred
• the defraying of the remuneration, fees and expenses of the authorised inspectors
• the repayment of moneys transferred to the Fund
• the preparation of the annual investment plan, having regard to the disbursement plan and any direction from the Minister for the Environment, Community and Local Government
• the investment of any moneys standing to the credit of the Fund that are not, for the time being, required for the purpose of meeting the liabilities of the Fund
• the keeping of adequate accounting records of all moneys received and expended by the Agency
• the submitting of annual accounts to the Comptroller and Auditor General and the presentation of a copy of accounts so audited to the Minister for Finance and the Minister for the Environment, Community and Local Government

In accordance with the Dormant Accounts (Amendment) Act 2012, the Minister for Environment, Community and Local Government is responsible for the administration of the process by which the Government approves projects and programmes to which funds from the Dormant Accounts Fund can be disbursed. In accordance with this Act, a new Disbursement Scheme was approved by Government in December 2013 and a Dormant Accounts Action Plan for 2014 was published, which details projects and programmes to which funds from the Dormant Accounts Fund may be allocated.