---

Dormant Bank and Building Society Accounts Bill [HL]

The noble Lord, Lord Newby, mentioned the £250 million referred to in my amendment for the social investment bank. He made the point that the British Bankers’ Association says that the total amounts raised might be £250 million to £350 million and that if it is at the bottom end of that it would be a problem. The question of youth was raised and I should be grateful to the Minister if he could clarify the issue. The Prime Minister said at the Labour Party conference: "““We will use unclaimed assets in dormant bank accounts to build new youth centres””—" comma— "““and we will invest more than £670m so that in every community there are places for young people to go””." I am sure the Minister will accept that that comma is quite significant. It could mean that we will use unclaimed assets from dormant bank accounts to build new youth centres, and then we will spend a quite separate £670 million on youth. I believe the £670 million is spread over three years and that quite a lot of that money has already been allocated by the Government. However, the significant question is exactly how much has been allocated out of unclaimed assets for youth. I do not expect an answer now but if the Minister could find out for me for when we meet again next Tuesday I would be grateful. Quite clearly, if that has been pre-empted we are arguing about what is left over from there. I would be grateful if he could deal with that for me.