Dormant Accounts Still Slow to Awake

• dormant accounts

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".

A Department official indicates that funds from Dormant Accounts are unlikely to flow until late 2009 and early 2010.

The Dormant Accounts Bill is making good progress through Westminster and is expected to be enacted soon. England already has priorities for the use of funds recovered from dormant bank and building society accounts but the devolved administrations have the power to decide local priorities.

NICVA convened a roundtable discussion in January in response to the Assembly announcement of a consultation to decide discuss priorities and is closely monitoring the situation on deciding priorities for Northern Ireland.

Government first announced its progress on the dormant accounts scheme in December 2005 when the then Chancellor Gordon Brown announced the scheme in his pre-budget statement.

A scheme independent from Government, the Balance Charitable Foundation, was first established in 2003 and made grants to 2005 before the Government initiative took its place.