# Dormant accounts to yield millions for good causes

- Link: https://fundraising.co.uk/2007/12/06/dormant-accounts-yield-millions-good-causes/
- Published: 2007-12-06T00:00:00+00:00
- Author: Howard Lake

Assembly permission has been sought to have Northern Ireland included in Westminster
legislation aimed at releasing millions of pounds from inactive savings accounts.
A similar scheme in the Irish Republic has realised over €100 million for a wide
range of community and charitable activities.

Speaking in support of the Legislative Consent Motion, Finance Minister, Peter Robinson
MP, MLA said that the Dormant Bank & Building Society Accounts Bill is a commonsense
measure which will release considerable funds back into society.

As a result of discussions with the banking industry, a voluntary scheme has been
designed which will allow funds from inactive accounts to be ploughed back into 
society. Northern Ireland will benefit alongside the other UK regions on a population
share basis, the money becoming available in 2009.

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The Minister said that the amount of money involved is estimated at several hundred
million pounds for the UK as a whole, with tens of millions of pounds accruing annually
thereafter.

Banks will be launching a comprehensive re-uniting exercise ahead of the scheme’s
introduction to minimise the number of reclaims once the legislation has come into
effect.

A dormant account is one where there has been no customer-related activity for at
least 15 years.