Dormant Bank and Building Society Accounts Bill [HL]

It may be that I am confused. I understood that there will be an initial release of money, but there are people who die who have squirreled money away and have not touched it for 30, 40 or 50 years. That money would be in those inactive accounts. The major beneficiary of Marie Curie Cancer Care was suddenly found to be very wealthy. The money had been sitting there untouched by and unknown to anyone for many years. It had all been squirreled away and was quietly gathering interest. I do not think that charities—certainly not the small ones—will be going back year on year to see whether 15 years has expired. This central register will become even more important in the initial release of these funds than it may be later, with time. Once the first backlog is cleared, the numbers will be relatively few.