Update on Dormant Accounts Funding in Northern Ireland

• dormant accounts

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.

Ms J McCann MLA asked the Minister of Finance and Personnel if he will bring forward the necessary measures to use the money from dormant bank accounts to alleviate the financial difficulties facing people in the community.

In his answer the Minister of Finance and Personnel stated:

"I am proposing the launch of a 12 week consultation on the Dormant Accounts Scheme during February."

Mr McCartney MLA asked the Minister of Finance and Personnel to outline how much money will be made available to target the need for youth facilities in the most deprived areas from dormant accounts.

Mr Dodds answered:

"I believe that it is important that all interested parties should have the opportunity to be involved in the setting of local priorities for the distribution of funds currently locked in dormant bank and building society accounts for the benefit of the community."

Mr McCartney MLA asked (i) how much; (ii) when; and (iii) how, money will be made available.

Mr Dodds repsonded

"At present it is estimated the Northern Ireland share for investment will be between £10-20 million in the first year and then tail off rapidly in future years with estimates of a few hundreds of thousands per year thereafter.

It will be mid 2009 before the Dormant Accounts Scheme will be launched and funds from identified dormant accounts will begin to be transferred to the Reclaim Fund.

It will be early 2010 before the funds are transferred from the Reclaim Fund to BIG Lottery Fund for distribution through the Dormant Accounts Scheme. The Dormant Accounts Scheme will be a separate and distinct funding stream from lottery funding with its own branding."

The Assembly passed a Legislative Consent Motion agreeing that the provisions in the Dormant Bank and Building Society Accounts Bill relating to the distribution in Northern Ireland on the 27 November 2007. The Dormant Bank and Building Society Act 2008 received Royal Assent on 26 November 2008.