By Caroline Magee from NICVA
Published on 01 Dec 2008
NICVA has welcomed new legislation which will release money from dormant accounts to fund good causes in Northern Ireland and across the UK.
Dormant Accounts Legislation received Royal Assent on 26 November 2008. It will enable funds which have been lying dormant for 15 or more years to be used to benefit the wider community.
It is estimated that £15m to £20m will be available initially and the Assembly will now consult the public on how its share of the money should be spent in Northern Ireland. Priorities have already been decided for the rest of the UK so Northern Ireland will soon have the opportunity to say where the greatest needs are for this cash.
When First Minister Peter Robinson MLA was Minister of Finance in December 2007 he stated that he would undertake a consultation in early 2008 on the Northern Ireland spending priorities. However the slow progress of this legislation meant the Executive suspended the consultation until the Bill itself was passed.
NICVA's Chief Executive Seamus McAleavey said:
"This is a crucial time for new funds to be available to tackle priority needs in our communities. As the economy suffers, the demand for services provided by voluntary and community organisations grows. £15m to £20m of additional money can make a real difference."
He continued: "We welcome news that these funds will not simply plug holes in government spending as the First Minister has stated that the funds will not form part of public spending."
In a statement to the Assembly Peter Robinson said last year that:
"The only influence that the Executive will have on the scheme, following the passing of enabling legislation, will be in setting the local priorities for spend."
It is NICVA's understanding that a paper is going to the NI Executive with the consultation to follow. NICVA looks forward to participating in this public consultation expected early in 2009.
For further information or comment please contact Caroline Magee on 028 9087 7777 or e-mail caroline.magee@nicva.org
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