Charities set to share dormant accounts cash

The Dormant Bank and Building Society Accounts Bill (UK legislation)

Scotland’s estimated share is £40 million.

Public meetings to be held throughout Scotland in the next month.

The Dormant Bank and Building Society Accounts Bill (UK legislation) provides the legal and administrative framework for the collection and distribution of sums released from dormant bank and building society accounts for social and environmental purposes. Dormant bank accounts are defined in the Bill as those which have seen no customer-initiated activity for at least fifteen years The desire for this came in the first instance from the banks. The Bill states that in England the funding will go towards the defined priority areas of young people and financial inclusion, but it has been left open for Scottish ministers to decide how the funds should be spent in Scotland. The Scottish Parliament will debate a draft order at the end of this year or early next year stating the priorities for the Scottish share of the funds. The purpose of the day’s event was to look at how, where and when the money should be spent.

The Scottish share is estimated to be £40m in the first instance, with further funding of perhaps £4m a year, which may trickle off as public awareness of the scheme grows. A proportion will need to be held back for reclaims, but that too is likely to be reduced as time goes on. The Fund would be administered and distributed by The Big Lottery Fund (BIG). It was hoped the Fund could be opened for applications in 2009.

The four public seminars will discuss how to make the best use of the fund in Scotland. Details are as follows:

13 June, 10.30am – 12.30pm, The Wynd Centre, Paisley – contact Janis McDonald, Renfrewshire CVS, for more details – janis.mcdonald@rcvsweb.co.uk

30 June, 11am – 1pm, The Volunteer Hall, Galashiels – contact Morag Walker, The Bridge, for more details – morag.walker@the-bridge.uk.net

7 July, 11am – 1pm, Inspire, Aberdeen – contact Rhonda Kelly, Aberdeen Council of Voluntary Organisations for more details – manager@acvo.org.uk

11 July, 11am – 1pm, An Drochaid, Fort William – contact Flora McKee, Voluntary Action Lochaber, for more details – flora.mckee@valochaber.org

As well as the seminars there will be an online web survey, hosted by SCVO and a consultation on the Scottish Government website. The online survey and consultation questions will be open from 16 June until 8 September. Check www.scvo.or.uk for survey and links to the Government’s consultation.