Unclaimed Stock, Dividends and Redemption Moneys Accounts
CRND has been involved in the handling of unclaimed stock and dividends since 1816. Formerly any gilt on which dividends had been unclaimed for 10 years was transferred to CRND and held in their Unclaimed Stock Account. This arrangement was discontinued in 1955, since when no further transfers have taken place, but stock previously transferred is retained and dividends on it continue to be paid into the Unclaimed Dividends Account. This account also receives any dividends that have remained unclaimed for 5 years, or such earlier period as might be determined.
At one time, the account held investments, but between 1955 and 1968 any sums in the account in excess of a working balance (to meet reclaims) of £100,000 were applied to debt reduction, and since 1968, have been paid into the National Loans Fund. There is a National Loans Fund guarantee to cover any deficiency, which could arise if heavy reclaims exhausted the account.
Unclaimed redemption moneys are handled separately. Redemption money remaining unclaimed for up to 2 years is paid into the Unclaimed Redemption Moneys Account and invested. Interest on the investments is transferred to the Unclaimed Dividends Account. In the event of a deficiency arising, the account is guaranteed by the Unclaimed Dividends Account which, in turn, is guaranteed by the National Loans Fund.
The combined annual report and accounts of the miscellaneous CRND accounts can be found here.