CHARITIES and voluntary organisations could get a share of about £10m resting in dormant bank accounts.
Treasury Minister Eddie Teare has outlined plans to distribute funds contained in bank accounts that have been inactive for 15 years or more.
In his written reply to a Keys question from Zac Hall (Onchan), Mr Teare said it was estimated that more than £10m may rest in accounts dormant since January 1, 1995 – and that third sector organisations would be invited to apply for a share of the cash.
He continued: ‘It is currently envisaged that funds will only be distributed to third sector organisations existing wholly or mainly to provide benefits for society or the environment. Similarly, third sector organisations will be invited to apply for a distribution of the funds with each application considered on its merits. It is proposed that there will be a statutory obligation on third sector organisations to fully account for expenditure of funds on an annual basis and in that respect it is expected that they would be required to comply with statutory requirements for producing and filing their accounts.
‘It is further intended that a report of funds distributed, together with an account of how they have been put to use, will be laid before Tynwald.’
Mr Teare said it would be premature to assess the impact of doing this on the strategy to rebalance public finances – other than to state it was likely to have a positive effect on protecting the vulnerable in society.