The Dormant Bank and Building Society Accounts (Scotland) Order 2010 (draft)

The Dormant Bank and Building Society Accounts (Scotland) Order 2010 (draft)
Third Sector Divison, Scottish Government

Scotland’s estimated share of the DBA funds is estimated to be around £12 million in the first year, £12 million in the second year and £1.5 million year-on- year thereafter. These sums are much lower than originally envisaged due to the scheme being a voluntary scheme with the banks/building societies and  funds being held back to meet any future claims from the general public who have recently discovered that they have monies in a lost account. 
Article 3 provides for a distribution of dormant account money to third sector organisations for meeting expenditure on or connected with services, facilities or opportunities which promote strong, resilient and supportive communities.  This is a direct link to Outcome 11 of the Scottish Government’s 15 National Outcomes – “We have strong, resilient and supportive communities where people take responsibility for their own actions and how they affect others”.
If the Order is passed by the Scottish Parliament, the Scottish Ministers intend to instruct BIG, under Schedule 3 to the Act, to prepare and adopt a strategic plan for Scotland. The strategic plan will be a statement of the BIG’s policies for the distribution of dormant account money for meeting Scottish expenditure. The Scottish Ministers will also use powers under section 22 of the Act to set out policy directions to guide BIG in the development of the plan.  It is expected that BIG will then hold a consultation on the draft Strategic Plan.  Once finalised, the draft Plan has to be agreed with the Scottish Ministers, who also have to lay it before the Scottish Parliament.