Business

Community and voluntary sector missing out on £10m in dormant accounts

Nigel McKinney from Building Change Trust believes it is in the public interest to release the funds attached to the dormant accounts

Over £10 million is currently languishing in bank accounts and building societies that had been earmarked to support positive change in communities across Northern Ireland, according to Building Change Trust (BCT).

The money was initially allocated in 2008 after legislation enabled banks and building societies to voluntarily hand over funds held in accounts untouched or unclaimed for 15 years or more to a Special Reclaim Fund.

Whilst the fund has seen huge success in England, with almost £600 million made in community investment deals with social finance infrastructure, in Northern Ireland, the sector is yet to see a single penny of the £10 million, almost 10 years after the scheme was introduced.

The BCT has called on the money to be released by the Department of Finance.

“BCT believe that it is in the public interest to release the funds attached to dormant accounts to ensure that the community and voluntary sector have access to social finance," director of operations, Nigel McKinney said

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