Dormant Accounts

Part of Oral Answers to Questions – in the Northern Ireland Assembly at 2:30 pm on 17th February 2014.

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Photo of Simon Hamilton Simon Hamilton DUP 2:30 pm, 17th February 2014

The Member will be aware that the issue has been around for some time, and some cynics might say that it, in itself, has become dormant over the past number of years.  We have been attempting to develop the most appropriate scheme to utilise the money in dormant accounts, which, as I understand it, has increased significantly.  As more money passed the threshold — in a bank account showing no transactions for 15 years — it has come into the overall dormant account pool. 

I agree with my predecessor's decision to move away from a grant-based programme to one that provides loans to people in various sectors who work with children and young people and others who are in need.   I have regular meetings with officials on the detail of taking that forward, and I hope soon to be in a position to have a finalised scheme that can start to hit the ground running in the not-too-distant future and do some very good work right across Northern Ireland.