€100 million potential windfall for charities
Howard Lake | 31 July 2007 | News
Irish charities could benefit by over €100 million from money retrieved from overcharging by banks, according to press reports. So far €20 million has been passed to charity because the Financial Regulator has been unable to trace those account holders who were overcharged.
The estimate of €100 million is based on the latest report by the Financial Regulator who reported last week that they recovered another €49 million from the banks to add to the €118 million already secured. Based on previous figures the regulator was only able to return a small amount to customers, giving charities another windfall.
Much of the overcharging occurred with accounts that are no longer active or the owners are difficult to trace. In addition, some of the overcharging was on currency transactions where there is no record of personal details.
Advertisement
The latest figure from the regulator is thought to be the last significant figure that will be recovered from banks.
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.