# €100 million potential windfall for charities

- Link: https://fundraising.co.uk/2007/07/31/e100-million-potential-windfall-charities/
- Published: 2007-07-31T23:00:00+01:00
- Author: Howard Lake

**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Much of the overcharging occurred with accounts that are no longer active or the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.

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The latest figure from the regulator is thought to be the last significant figure
that will be recovered from banks.