Written question asked by Martyn Jones (Labour) on Thursday, 25 February 2010, in the House of Commons. It was due for an answer on Monday, 1 March 2010. It was answered by Sarah McCarthy-Fry (Labour) on Thursday, 4 March 2010 on behalf of the Treasury.

Dormant Bank and Building Society Accounts Act 2008

Question: To ask the Chancellor of the Exchequer (1) how many (a) banks and (b) building societies have used the provisions of the Dormant Bank and Building Society Accounts Act 2008 to transfer funds into the Big Lottery Fund for good causes;

Answer: The Chancellor announced in pre-Budget report 2009 that the Co-operative Financial Services intend to submit an application to the FSA for authorisation to establish and administrate a Reclaim Fund, subject to work going ahead as planned, as part of the Dormant Bank and Building Societies Accounts Act 2008. Once established, dormant account funds will be transferred from banks and building societies to the Reclaim Fund. This will enable surplus funds to flow to the BIG Lottery Fund and to spending priorities in due course.

Secondary information