Big Society Bank part 5


The Government has announced that four national banks (Barclays, HSBC, Lloyds Banking Group and RBS) will support the establishment of the Big Society Bank by providing £200m of capital over two years from 2011.  The Bank will “act as a sustainable provider of wholesale finance to social investment intermediaries”. The money will be injected “on a commercial basis”.

The £200m is in addition to the money provided from dormant accounts, “the provision of which the banks also support.” Civil Society magazine reports that between £300m and £400m of funding is expected to be received from these dormant accounts. The article also mentions that the £200m figure is “significantly lower than the anticipated £1.5bn earlier rumoured to have been provided by the banks.”

Advertisements

One Response to Big Society Bank part 5

  1. Pingback: Big Society Bank part 6 « NCVYS' Financial Monitoring Blog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: