AQW 12008/17-22

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 14/12/2020
Answered On Date: 21/12/2020
Priority Written: No

Question:
To ask the Minister of Finance how the figure of £20.5 million for the Dormant Accounts Fund was calculated.

Answer:

The Dormant Bank and Building Society Accounts Act 2008 enables banks and building societies, who opt into the scheme, to transfer the money held in dormant accounts to a central Reclaim Fund. The central Reclaim Fund is then responsible for managing money, meeting any reclaims and passing on surplus money for reinvestment in the community usually through the National Lottery Community Fund.

The North receives 2.8% of the total amount of money received by the central Reclaim Fund in a financial year as set out in the Distribution of Dormant Account Money (Apportionment) Order 2011. Amounts allocated are carried forward until spent, there is no requirement to spend it in the period it is received.