The Jersey Reclaim Fund was established last year by the Dormant Bank Accounts (Jersey) Law, which was championed by former Senator Philip Ozouf, allowing funds to be collected from bank accounts where there has been no customer contact for more than 15 years.
A response to a written question published by Deputy Kevin Pamplin has revealed that more than £4.8 million has already been collected into the fund.
‘As at 31 August 2018, the sum of £4,876,650.53 was held in the Jersey Reclaim Fund. No claims for the return of moneys have been received from any bank since the inception of the fund,’ it says.
‘As at 31 August 2018, the only sum in respect of expenses deducted from the fund is the sum of £1,316 in respect of investment management and bank charges.’
Jersey’s first Charities Commissioner, John Mills, was appointed last year. One of his earliest priorities has been the establishment of a public register of Jersey charities.