The deep slump in Ireland's economy is set to wipe out one of the symbols of the Celtic Tiger: the dormant bank account containing money ignored by wealthy or forgetful depositors.

The department which handles monies transfered from dormant bank accounts to the state, the Department of Community and Rural Affairs, said last week it expects cash from these accounts to start "declining'' and it is difficult to get indications of what funds may be available from this source in future.

The chief reason is the state has been removing monies from the accounts for several years, but it is understood fewer dormant accounts are arising as the economy slumps severely. This is likely to be the high water mark for dormant accounts as consumers utilise all their cash resources and keep greater track of their bank accounts.

The department expects about €12.95m to be available from dormant bank accounts to fund projects aimed at helping the disadvantaged and the disabled in 2009.

The monies are initially paid over to the National Treasury Management Agency and then remitted to the Department.