Dormant Bank Accounts

It seems to be a well kept secret about how much money is held in Manx dormant bank accounts but potentially the sums could be huge.  Rather than this money earning money for the banks, the cash would be better applied if it were transferred to the IOM Treasury.  This could be either direct transfer or converted to a Government Bond.

Why the contribution is important

At present, the contents of bank accounts that have been dormant for more than (say) 20 years have little prospect of being released back into the local economy.  This proposal would put the money to good use.

by paulg on April 14, 2017 at 12:19PM

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