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.

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One Response to Big Society Bank part 4

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

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