More than £650,000 being distributed to local causes

Monday, 7 June 2021 10:06

Funds made available from dormant assets

Local charities will benefit from more than £650,000 which has been left untouched in dormant bank accounts for at least 15 years.

Four million pounds has been collected by Treasury, under the Dormant Assets Act, and will now be shared out by the Manx Lottery Trust.

Accounts are considered dormant when they've been inactive for at least 15 years and where the owner has not made any contact with the bank.

The trust will decide how to distribute the money which will be based on grant applications it receives.

Anyone whose money transfers into the fund keeps the right to reclaim their money indefinitely.

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