dormant accounts

The Department of Finance Committee has held an initial discussion with officials on the responses received from the dormant accounts consultation. The issue of ethical objections to lottery funding dominated the early discussions and officials have stated that the majority of respondants identified "children and young people" as their priority areas.

In its draft response to the dormant accounts fund consultation NICVA is proposing a range of options for how the money has been used. NICVA is also keen to hear how you think the sector should respond to the consultation. Among the range of options NICVA has proposed are:

The public consultation of the spending priorities for money released from dormant accounts finally opened in August 2009. NICVA has drafted a response and is seeking views from the voluntary and community sector on its proposals.

Following a number of written questions from MLA's, The Minister of Finance and Personnel, Nigel Dodds has revealed information which updates the position of the future dormant accounts funding in Northern Ireland.

NICVA has welcomed new legislation which will release money from dormant accounts to fund good causes in Northern Ireland and across the UK.

NICVA has been informed that the consultation will not now take place in early 2008 as announced by Peter Robinson, Minister of Finance to the Assembly last year. Estimates from the Department of Finance now indicate that a consultation in the Autumn is "possible".

NICVA is convening a roundtable discussion on dormant accounts on 31 January 2008 at 2.00pm.  

It is anticipated that dormant accounts could initially amount to more than £500 million across the UK, with tens of millions of pounds recurring annually thereafter. Northern Ireland will benefit alongside the other UK Administrations, on a population basis.

The Bill defines dormant accounts as those that have had no customer-initiated activity for a period of 15 years. It is anticipated that dormant accounts could initially amount to more than £500 million across the UK, with tens of millions of pounds recurring annually thereafter.

The Commission’s first priority though is to re-unite people with their cash, a right that they will retain whenever they come forward to it.