11.1

As a result of cumulative disbursements to date the net assets of the Fund are less than the dormant funds transferred and not yet reclaimed. This diff erence represents a contingent exchequer liability that would have to be met by the Central Fund in the event that all moneys transferred to the Dormant Accounts Fund were reclaimed.

At 31 December 2015 the contingent exchequer liability to the Exchequer is estimated at €238m (2014: €229m). The contingent exchequer liability is estimated based on the net cash transferred into the fund and not yet reclaimed. No provision or estimate is made for interest which may be payable on future reclaims for the period from the date of transfer to the date of reclaim. Further analysis of the contingent exchequer liability is provided in Note 11.2 below.

Under section 17(7) of the Dormant Accounts Act, 2001 (as amended), whenever the moneys in the Investment and Disbursements Account are insuffi cient to meet the defi ciency in the Reserve Account, a payment can be made out of the Central Fund into the Reserve Account of an amount not exceeding the defi ciency. If this occurred the moneys would be repaid to the Central Fund, as soon as practicable, from surplus moneys remaining in the Fund after providing for any liabilities or contingent liabilities of the Fund.

11.2 Analysis of Contingent Exchequer Liability:

	1 January 2015 €'000	Movement during the year €'000	31 December 2015 €'000
Net Assets of Fund	214,792	27,121	241,913
Dormant Funds Transferred not reclaimed	(443,378)	(36,525)	(479,903)
Contingent liability	(228,586)	(9,404)	(237,990)

11.3 The movement in the Contingent Exchequer Liability for the year is represented by:

	€'000
Interest Income (Note 6)	468
Interest on repayments of moneys transferred to the Fund (Note 3)	(183)
Disbursements (Note 5)	(8,939)
Operating expenses (Note 7)	(750)
Movement for the year (above Note 11.2)	(9,404)