japan government, nikkei, non-profits, reconstruction budget

Govt To Consider Using ‘Dormant’ Bank Funds For Recon Work, nikkei, 2/15/12

Wednesday, February 15, 2012

TOKYO (Nikkei)–The government will look into the possibility of using money deposited in dormant bank accounts for funding reconstruction projects.

Financial institutions categorize accounts with no cash flows for at least 10 years as dormant if they are unable to contact the account holders. An estimated 80 billion yen is generated every year through such accounts.

The government hopes to allocate such funds to nonprofit organizations and for quake-reconstruction projects. However, some banks apparently oppose the idea on the grounds that the government has no right to take their clients’ money, so it is unclear whether the plan will actually be put into practice.

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About liz

from the u.s., recently moved from kobe to sendai, japan, researching community-based housing recovery after disaster.

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