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Unlocking Dormant Accounts for Coronavirus Response

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Big Society Capital is an independent social investment institution in the United Kingdom, which provides finance to organizations that support front-line social sector entities to help them grow. Since its establishment in April 2012 it has invested more than 550 Million Pounds into impact investing funds and other social sector entities, using money that has been dormant for more than 15 years on British bank accounts.

In light of the Corona pandemic, the UK Government has announced £150 million of funding to be released from dormant bank and building society accounts to help charities, social enterprises and vulnerable individuals impacted by the coronavirus pandemic. The release of £71 million from the government’s dormant assets scheme will be accelerated alongside £79 million already recouped that will be made available to help charities’ coronavirus response and recovery. £45m will go to Big Society Capital for emergency loans.

In this session we want to analyze how the impact investing sector can use the momentum of the Corona-crisis to lobby for the establishment of new semi-public funding vehicles that are financed through dormant assets, as is the case in Japan and the UK.

Confirmed Panelists

Antonis Schwarz (moderator), founder Goodmove Initiatives, currently lobbying German government together with several membership associations to create a dormant assets law

Unconfirmed Panelists

Cliff Prior, CEO Big Society Capital

Masataka (Masa) Uo, Masataka UO is the founder and CEO of Japan Fundraising Association, a nationwide network that promotes philanthropic giving and social impact investment in Japan, and the founder and CEOof Fundrex.Co.Ltd, a leading consulting company which provides strategic development, impact management, and system consulting for more than 150 nonprofits and social business.He is a Trustee and the Vice Chair of Japan National Advisory Board of Global Steering Group for Impact Investment(GSG), and he took initiatives to enact a law for utilizing dormant bank account and promote impact management and SIBs.

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