BBC News
By Jayne McCormack
Published
image copyrightGetty Images
image captionAn account is considered dormant if it has seen no customer activity for 15 years
A dormant accounts charity scheme for Northern Ireland has officially been launched by the Department of Finance.
Finance Minister Conor Murphy said the £20.5m fund will open for applications on 12 January.
Dormant bank accounts are legally defined as those that have seen no customer-initiated activity for at least 15 years.
In other parts of the UK this money has been going to charities for more than 10 years.
The money will help fund community and voluntary services that would not normally attract public money in a programme overseen by the National Lottery Community Fund.
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A £20.5 million fund from dormant accounts is set to be opened for community groups.
Multi-year grants of up to £100,000 will be available under the scheme to be delivered by the National Lottery Community Fund.
Stormont Finance Minister Conor Murphy spoke about the funding during a visit to Footprints social enterprise in west Belfast on Monday.
Finance Minister Conor Murphy has today launched the £20.5 million Dormant Accounts Fund which will provide vital funding to the voluntary, community and social enterprise sectors.
Announcing details of the scheme in the Assembly, Mr Murphy said the Dormant Accounts Fund is set to increase as further dormant funds are made available each year.