Italy is to claim cash from 'sleeping accounts' in banks, post offices and insurance companies and use it for good causes, the government said on Tuesday.
"The aim of the scheme is to free up money that has been lying dormant for ten years and use it for social moves like getting young people into permanent employment and protecting small investors from the fall-out of corporate meltdowns like the Parmalat and Cirio scandals," said Junior Economy Minister Alfiero Grandi.
Grandi, who was speaking after a cabinet meeting that launched the sleeping accounts bill, said the money would be taken from accounts that had been "inert" for at least ten years, to be put into a central fund to decide its uses.
He said enough funds would be available to hopefully boost other social programmes.
"There's a lot of money lying around there," Grandi said.
Italian consumer protection associations estimate that some 10-15 billion euros is currently sitting in accounts that have not been used for a very long time.
Grandi stressed that the owners of the account would in all cases have a chance to get their money if they wanted to.
"We'll send them a registered letter informing them that the accounts have been identified. Then they'll have six months to say whether they want to keep it or not".
Britain is seeking to set up a similar scheme in the face of opposition from the banking sector.
