The Big Lottery Fund has received the first £30m from dormant bank accounts to invest in social finance intermediaries.
The reclaimed cash will be invested in social finance organisations by the BLF’s Big Society Investment Fund until the government secures the necessary approvals to pass money to Big Society Capital, formerly known as the Big Society Bank.
Once Big Society Capital is set up, it will receive all future cash allocated to England from the Reclaim Fund. The administrations in Scotland, Wales and Northern Ireland have yet to decide what they will do with their share of dormant accounts money.
The Big Society Investment Fund’s committee is chaired by John Kingston, a board member of Big Society Capital, and includes Sir Ronald Cohen, Big Society Capital’s interim chair, and Nick O’Donohoe, its chief executive.
Paul Mills, executive director of the Reclaim Fund, said: "I’m delighted that we have been able to meet our initial expectations by making our first transfer to the Big Lottery Fund this month and look forward to further distributions later in the year as more banks and building societies join the scheme."