REDP: First £30 million transferred from dormant bank accounts

First £30 million transferred from dormant bank accounts

Summary: The Big Lottery Fund has received the first £30million from dormant bank accounts.

The Big Lottery Fund has received the first £30million from dormant bank accounts. The money was collected by Reclaim Fund Ltd, set up by the government to collect money from dormant bank accounts and run by Co-operative Financial Services.

The reclaimed money will be invested in social finance organisations by the Big Society Investment Fund until the government secures the necessary approvals to pass money to Big Society Capital, formerly known as the Big Society Bank.

Once Big Society Capital is set up, it will receive all future money allocated to England from the Reclaim Fund.

The Big Society Investment Fund’s committee is chaired by John Kingston, a board member of Big Society Capital, and includes Sir Ronald Cohen, Big Society Capital’s interim chair, and Nick O’Donohoe, its chief executive.

Source: oneeastmidlands.org.uk

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Home News About Us Working for REDP Projects Events Resources Equality Matters Equality Legislation Contact Us Staff Area	First £30 million transferred from dormant bank accounts Summary: The Big Lottery Fund has received the first £30million from dormant bank accounts. The Big Lottery Fund has received the first £30million from dormant bank accounts. The money was collected by Reclaim Fund Ltd, set up by the government to collect money from dormant bank accounts and run by Co-operative Financial Services. The reclaimed money will be invested in social finance organisations by the Big Society Investment Fund until the government secures the necessary approvals to pass money to Big Society Capital, formerly known as the Big Society Bank. Once Big Society Capital is set up, it will receive all future money allocated to England from the Reclaim Fund. The Big Society Investment Fund’s committee is chaired by John Kingston, a board member of Big Society Capital, and includes Sir Ronald Cohen, Big Society Capital’s interim chair, and Nick O’Donohoe, its chief executive. 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First £30 million transferred from dormant bank accounts