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Dormant Bank and Building Society Accounts Bill [HL]

If a claimant or their heirs is able to attest that there was an account that was in existence for a period of time and went after the 15 years into the scheme, the claimant would have the right to expect those resources to be presented to them together with the appropriate interest that the account might have accumulated over that period of time. I am trying to reassure the noble Lord, Lord Shutt, and the noble Baroness, Lady Noakes, on this: we are not seeing this money swallowed—which is the anxiety expressed by the noble Lord, Lord Hamilton, too. Such accounts are eligible for the scheme and the money goes into the scheme, and the recipients at the other end—and this is the first time this afternoon that we have addressed such individuals or organisations—will be the beneficiaries of these resources, because they will be within the scheme. But in response to the anxiety about the definition of dormancy, which we have discussed for the past hour or so, I can say that there is potential for a claim from the original depositor or their successors, if it can be attested to subsequently. The prime principle of the Bill is obvious. Banks and building societies are participating in our concern that people should be reunited with their property but, when they are not, the scheme obtains.