Treasury Minister Dr Alex Allinson has confirmed that over £1.5 million has been distributed from the Treasury’s Dormant Assets Fund to Manx Lottery Trust (MLT) since March.

The Dormant Assets Fund is made up of the proceeds of dormant bank accounts in the island.

In general, a bank account will be considered as dormant if it has been inactive for 15 years and if, during that 15 year period, the owner of the account has made no contact with the bank - most commonly due to them passing away. A large proportion of these funds are then transferred to the Treasury, who are then responsible for administering these funds to good causes on the island.

During Tuesday’s (December 19) House of Keys sitting, Dr Allinson was asked how much of these funds had been sent to the (MLT) by MHK for Douglas North, David Ashford.

Dr Allinson replied: ‘The MLT receives these funds due to the Dormant Assets Act of 2019. Our current distribution policy decides the amount of funds distributed throughout the year, while the annual Tynwald report states how the funds have been distributed.

‘According to the latest audited accounts of the MLT, dated at March 31 2023, there was £282,231 of uncommitted funds remaining.

‘Since that date, the Treasury has made a further distribution of dormant asset monies to the MLT totalling £1,681,348.14. I am informed by the MLT that the current balance available for distribution is £1,680,179.

‘It is expected that the amount of the next distribution to the MLT will be agreed in the first six months of 2024 and will depend on the level of funds received by Treasury and any repayment amounts paid out.’

Dr Allinson also explained that a review of the effectiveness of the funds is underway through consultation with those involved in the spending and decision making regarding the funds.

He continued: ‘MLT is an independent arms-length trust which undertakes charity work throughout the island. No changes to the MLT’s access to dormant assets have been proposed.

‘This system has only been going on since 2021, but I do plan to look at whether this system is appropriate in due course.’