There is RD$ 198 MM for abandoned accounts

Central Bank has deposited RD$ 188 million and US$ 272,000 for concept of abandoned or inactive accounts in commercial banks and savings and loans associations

This is pursuant to a resolution of 2007, issued by the Monetary Board, which establishes the transfer of these resources for a period of ten years not showing activity in the entities of intermediation financial.

Altogether, according to official data, there is RD$ 198.5 million for abandoned or inactive accounts. Comply with article 201 of the Education Act 66-97, 20% of this amount, which would be RD$ 39,694,400, would go to the Ministry of education.

However, the banking sector reports indicate that law 183-02 would be "implicitly" repealed article of the law on education which specializes these resources.

The word education does not appear even once in the monetary and financial law, and no law may abrogate implicitly u000aother.

The Association of commercial banks (ABA) also responded dryly on the subject. The entity understands that this issue strictly corresponds to the Central Bank on the basis of the provisions of the monetary and financial law on the subject. According to the procedure, financial intermediation institutions must transfer funds from accounts inactive and/or abandoned for a period of ten years, including the interests collected.

The Ministry of education, the Dominican Teachers Association (ADP) and coalition Digna are in agreement to initiate efforts to manage 20% of the outstanding funds abandoned in current accounts and savings in banks and savings and loans associations to be transferred to the education portfolio, as provided for in article 201 of the Act General of education.

The administrative Vice-Minister of education, Giselle Féliz, promised to investigate what has been the destination of those funds which by law u000athey correspond to the education portfolio, and expressed hope that the financial authorities of the country be willing to come to this Ministry.

He said that income recorded in education are those designated in the national budget, allocations from international agencies and the compensation of the State.

ADP
the President of the ADP, Radhamés Camacho, said that the National Fund for promotion of education, referred to in article 201 of the Education Act, is part of the efforts made within the framework of the National Plan on education for the purpose of increasing investment in education.

In that regard, Camacho called authorities, specifically to the Central Bank, to transfer to education all the resources which they are entitled by law.

Also leader urged education and their Legal departments and planning, to make use and seek the minimum penny that u000ago to increase investments in the sector. It is unknown if these funds are being delivered, and claimed it's administrative functions of the Ministry.

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Education DIGNA mourns the case
the representative of coalition Digna and expresidenta of the Association Dominican of teachers (ADP), Maria Teresa Cabrera, ensures that these funds are not coming to the Ministry of education, after lamenting that the authorities have not made efforts to manage these resources will be bestowed. "Perhaps the spirit with which article 201 of the Education Act is written has properties because nobody knows how much revenue enter the State concept of all the sources that said the referred article", said Cabrera, after lamenting the incumplimieinto of the Act.

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