Dormant Bank Accounts: Consultation Session

 


Dormant Bank Accounts: Consultation Session
Main Hall, Wynd Centre, 6 School Wynd, Paisley
13th June 2008
10am – 12.30pm


 


Renfrewshire CVS is hosting a very important local consultation session on Dormant Bank Accounts and the estimated £40 million in funding they will bring to Scotland’s third sector.


 


Contact Anne Keir at RCVS to book a place – anne.keir@rcvsweb.co.uk


 


The Dormant Bank and Building Society Accounts Bill is currently progressing through the UK Parliament. The money will be invested exclusively in the third sector. Dormant is defined as a period of 15 years during which the customer has not initiated any activity on the account. In England the assets will be distributed among defined priority areas of providing opportunities for young people, improving financial inclusion and supporting institutions involved in social lending – but it is for Scottish Ministers to set the priorities for the Scottish share of funds and they have initiated a consultation process.


 


This is one of four local consultations sessions being held with the sector following a national scoping session held in Edinburgh on 13 May involving SCVO, national organisations and intermediaries, BIG and The Third Sector Division of the Scottish Government.


 


It is estimated that Scotland’s share of the investment in the third sector from Dormant Bank Accounts could be £40m. The money would be distributed by BIG.  It is hoped that the Fund would be operational at some point in 2009.


 


The purpose of the session is to consult the sector on key questions such as:

What should be the governing principles of the Fund?
Should the Fund be used for a particular type or mix of funding?
What should be the timescales for the release of the Fund?
What are the priority areas where the Fund could make the most impact?

Geoff Pearson from the Third Sector Division will set the context for the consultation and seek views using a ‘Mind Map’ approach. 


 


Future Events 

30 June, 11am – 1pm, The Volunteer Hall, Galashiels – contact Rob Nicholson or Morag Walker, The Bridge, for more details – rob.nicholson@the-bridge.uk.net or morag.walker@the-bridge.uk.net
7 July, 11am – 1pm, Inspire, Aberdeen – contact Alison Chandler, Aberdeen Council of Voluntary Organisations for more details – funding@acvo.org.uk
11 July, 11am – 1pm, An Drochaid, Fort William – contact Flora McKee, Voluntary Action Lochaber, for more details – flora.mckee@valochaber.org

The sessions is Aberdeen and Fort William will be led by Jim Mather MSP, Minister for Enterprise, Energy and Tourism.  Geoff Pearson will lead the Galashiels event.