Dormant Bank and Building Society Accounts Bill [HL]

There is an element of compulsion in Amendment No. 8 for all building societies and smaller banks. The facts are these. I have worked out—I tested this with the Nationwide and we were within £1 million—that the figure the building societies are saying is available is £150 million. That is 0.0005 of 1 per cent of the asset base. That means that if the largest of the smaller societies was able to use these funds locally, a sum of £3 million would be available for its communities. However, the Skipton would generate £4.5 million, which would not be used locally but nationally. The issue at stake here is the comparison between communities with small building societies and communities with slightly larger ones. That is why I mentioned the cliff edge. This concerns the eight societies to which the Minister referred, the banks and the bigger financial institutions. There should be an element included in the Bill allowing them to honour their local connections and contributions over the years. That is why I have put in the figure of 10 per cent. It is simple; it does not complicate anything; it widens things; and it treats communities up and down the country on a much more even keel. However, I hear what the Minister says. We shall ponder these matters and no doubt return on a later occasion. I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. Clause 1 agreed to. Clause 2 [Transfer of balances to charities, with proportion to reclaim fund]: [Amendment No. 8 not moved.]