Investor reunited with savings from the 1950s: Wilson

Finance Minister Sammy Wilson is advising investors how they can be reunited with forgotten savings.

The Minister was speaking after a recent meeting with Joy Savage, an investor who has successfully claimed for Ulster Savings Certificates that were purchased in the 1950s.

The Ulster Savings Scheme was introduced by the Ministry of Finance in 1922 to raise funds for capital projects. Decisions were made to stop selling Ulster Savings Certificates in 1991 and to cease reinvestment of existing certificates in 1997.

Joy Savage contacted the Department of Finance and Personnel, who administer the certificates, after seeing advice from the Consumer Council in the local media reminding people of forgotten monies.

Speaking about the scheme, the Minister said: “Many people involved in the Ulster Savings Scheme may have forgotten they own certificates. In June of this year, the total amount outstanding in the Scheme was £6million.

“During these difficult times, when many are facing financial pressures, our priority is reuniting people with forgotten investments. My Department, who handle all matters relating to Ulster Savings, has been working with the Consumer Council to remind investors that their previous savings are available to them.”

Mrs Savage added: "I would encourage those who think they or their relatives may have Ulster Savings Certificates to check in the far reaches of their homes - they may find a welcome surprise!"

Consumer Council chairman, Rick Hill said: “With £6million in forgotten Ulster Savings Certificates and £12million in forgotten bank accounts in Northern Ireland, the Consumer Council urges consumers to check if any of this money belongs to them.

“In today’s uncertain climate, it is so important that you make every penny work for you. The Consumer Council is pleased to work with the Department of Finance and Personnel to make sure consumers know how to check if they own any of these forgotten millions.”

Payments from the Scheme can be made on production of a valid certificate or by completing an indemnity form if the certificate is missing. Details can be found on the DFP website and the NI Direct website.

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