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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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Putting banks' dormant millions to work: proposals welcomed by AM
July 28, 2006 5:48 PM
A proposal by the Commission on Unclaimed Assets to set up a social investment bank that would be used to fight poverty, establish community-based businesses and not for profit enterprises has been warmly welcomed by South Wales West Liberal Democrat AM, Peter Black.
The Social Investment Bank would use the many millions of pounds that lie unclaimed in British banks and other institutions and would enable the voluntary and not for profit sector to get access to money for schemes. The idea already operates successfully elsewhere in the world, including Spain, Ireland, the USA, and Australia and New Zealand. People who discovered they have a right to unclaimed money would still be able to get access.
"This is a great idea, and would put these millions to a much better use than at present," said Mr. Black. "Until recently, many banks simply used the money in dormant accounts to increase their profits. For instance, Lloyds TSB and Barclays increased their profits by £324m between them in recent years by using this method. Now that this has been stopped, there is no reason for the banks to resist this use of the dormant money - after all it isn't their cash."
"Putting this money to work would provide a huge boost to voluntary, community, and social enterprises in Wales. That is why I am for the scheme, and also why I am calling for Assembly Ministers to put pressure upon their Labour colleagues in Westminster to see that this reform is carried out as swiftly as possible."
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