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Bank Services

Volume 464: debated on Tuesday 9 October 2007

To ask the Chancellor of the Exchequer what recent estimate he has made of the value of deposits in dormant bank accounts in (a) Scotland and (b) the United Kingdom. (154453)

The Government set out in their March consultation document that dormant accounts would include bank and building society accounts where there has been no customer-initiated activity for a period of at least 15 years. On this basis, an assessment by banks and building societies suggests that between £250 million and £350 million lies currently unclaimed in banks, and up to £150 million unclaimed in the building society sector. These figures are for the United Kingdom. There are no specific estimates for Scotland.

The banks and building societies have committed to a comprehensive recruiting exercise in advance of the introduction of an unclaimed assets scheme in the UK. This will build on existing arrangements to help customers to track down their accounts.