£10 million windfall for charities

Forgotten bank accounts could provide Island charities with a £10 million windfall.

Treasury Minister Eddie Teare revealed the figure in response to a question for written answer in the House of Keys this week.

Onchan MHK Zac Hall wanted to know how much cash was lying in “dormant” accounts which haven’t been used since 1995.

The government is hoping to bring in legislation which would see money from the unused accounts doled out to good causes.

In his question, Mr Hall asked what the total balance of dormant accounts was thought to be on the Island and how the money would be used.

Mr Teare explained the Treasury had asked banks to how much money was lying unused in Island accounts – and the total came to £10 million.

He said organisations would be able to apply for some of the cash if they benefit society or the environment.

But he said any charities given money would have to fully account for it, and Tynwald would get an annual report on the grants.