Skip to main content
Department of Finance Department of Finance An Roinn Airgeadais

Main navigation

  • Home
  • Topics
  • Publications
  • Consultations
  • Contact

Translation help

Translate this page

Select a language

  • Arabic — عربي
  • Chinese (Simplified) — 中文简体
  • Chinese (Traditional) — 中文繁體
  • Dutch — Nederlands
  • Filipino — Filipino
  • French — Français
  • German — Deutsch
  • Hungarian — Magyar
  • Irish — Gaeilge
  • Italian — Italiano
  • Latvian — Latviešu
  • Lithuanian — Lietuvių kalba
  • Polish — Polski
  • Portuguese — Português
  • Romanian — Română
  • Russian — Русский
  • Slovak — Slovenčina
  • Spanish — Español
  • Ukrainian — Українська
  • £7.1 million from dormant bank accounts will support local communities - Storey

    Topics:
    • Finance, 
    • Financial services

    Date published: 24 February 2016

    Finance Minister Mervyn Storey today announced a new fund, which will use money from dormant bank accounts, to finance projects in local communities.

    Finance Minister Mervyn Storey at desk

    The Northern Ireland Community Finance Fund, which is part of the UK wide Dormant Accounts Scheme, utilises monies from dormant bank and building society accounts to support social investment.

    The Minister said: “The Community Finance Fund will provide a unique and innovative funding opportunity for social investment in Northern Ireland. It will help to improve access to finance for a range of organisations across the third sector, such as social enterprises, church and smaller community based groups.

    Mervyn Storey added: “The third sector plays a vital role in Northern Ireland but its development and growth has been constrained by a lack of affordable finance. This Fund will enable such organisations to make further investment in their activities, grow their organisations and become self sustaining through the availability of finance. Access to this financial support will help to increase their revenue and resources and enhance the level of social benefits they deliver.”

    The intention to establish such a fund was announced as part of the 2015/16 Budget and was previously known as the Social Innovation Fund. The Fund is part of the UK wide Dormant Accounts Scheme established through the ‘Dormant Bank and Building Society Accounts Act 2008’, and as of 31 March 2015, £7.1m has been made available to the NI Fund. Future funding will vary, but is currently estimated at around £0.8m per annum.

    Notes to editors:

    1. ‘Big Lottery Fund’ (in collaboration with a third party) will be delivering the Community Finance Fund on behalf of the NI Executive. The Community Finance Fund is a non lottery funded programme.
    2. Media enquiries should be addressed to the Department of Finance and Personnel Communications Office on Tel: 028 9081 6725 or Tel: 028 9081 6895. Out of Office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.

     

    Latest news

    • Agreement will deliver an additional £600m for public services – O’Dowd

      11 June 2025

    • O’Dowd responds to Spending Review

      11 June 2025

    • O’Dowd - 2025/26 Rates relief review gets underway

      2 June 2025

    • Westminster decisions resulting in higher costs locally – O’Dowd

      6 May 2025

    More news …
    Share this page Share on Facebook (external link opens in a new window / tab) Share on X (external link opens in a new window / tab) Share by email (external link opens in a new window / tab)

    Department footer links

    • Crown copyright
    • Terms and Conditions
    • Privacy
    • Cookies
    • Accessibility
    • The Northern Ireland Executive
    • The Executive Office
    • Department of Agriculture, Environment and Rural Affairs
    • Department for Communities
    • Department for Education
    • Department for the Economy
    • Department of Finance
    • Department for Infrastructure
    • Department for Health
    • Department of Justice
    • nidirect.gov.uk — the official government website for Northern Ireland citizens