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Dormant accounts reserve fund (FOI)

Dormant accounts reserve fund (FOI)

Produced by the Freedom of Information office
Authored by States of Jersey and published on 09 October 2015.
Prepared internally, no external costs.

​Request

How much money does the government expect there to be in the dormant accounts reserve fund should the law be passed?

Response

At this time, it is not possible to know how much monies will be passed into a dormant accounts fund should the law be passed.

The information is not held by banks in such a way that the amount of dormant accounts can be calculated easily using the proposed legal test.

Although the UK has its own experience of the percentage of funds that became available, as the deposit profile is very different in Jersey to the UK, we do not believe that this exercise is worth running using such formulas.

Accordingly, we expect that there be sufficient monies to justify the law being passed but at this stage we cannot estimate the actual quantum of the sums involved.

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