Dormant accounts call for charity
Howard Lake | 16 March 2007 | News
Millions of pounds lying in dormant bank and building society accounts should be used for charitable purposes rather than being held by financial institutions, the Northern Ireland Council for Voluntary Action (NICVA) has said. Funds worth tens of milliions of euros have been distributed in the the Irish Republic from dormant accounts.
NICVA’s made its call as the Commission on Unclaimed Assets issued a blueprint for employing the unclaimed funds in dormant accounts. The commission believe the funds should be used to create a new financial insititution to aid the fight against poverty and social exclusion.
The commission’s suggestion that a social investment bank should be established was not welcomed by NICVA. In the Irish Republic a new organisation, the Dormant Accounts Board, was established to distribute the funds to a wide range of causes.
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.