Big Society Bank part 4

Sky News have suggested that “Britain’s high street banks are in talks to commit more than £1bn to a community projects-focused ‘Big Society Bank’ as part of an unprecedented pact being thrashed out between the industry and Government.”

According to a document Sky has seen the banking sector will play a pivotal role in David Cameron’s Big Society agenda by helping to establish a new institution that will “act as a sustainable provider of wholesale finance to Community Development Finance Institutions across the UK”.

Banks “will continue to support communities through institution-specific initiatives, through which they currently contribute £[x]m per annum (in cash or in-kind) and expect and intend to maintain that rate of investment. [Additionally]… they will support the successful construction of the Big Society Bank…including, subject to objectives, business plan and structure, the injection of £[x]m of capital over two years, commencing in the first half of 2011.”

Third Sector magazine has said that the Cabinet Office has declined to respond in detail to the reports.


One Response to Big Society Bank part 4

  1. Pingback: Big Society Bank part 5 « NCVYS' Financial Monitoring Blog

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