Dormant accounts to yield millions for good causes

first_imgDormant accounts to yield millions for good causes Tagged with: Ireland  32 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis 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.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. About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 6 December 2007 | Newslast_img read more