Cabinet Office
Printable version E-mail this to a friend

Last chance for views on the next generation investment bank

Last chance for views on the next generation investment bank

News Release issued by the COI News Distribution Service on 01 October 2009

In July the Government launched a consultation into the design and functions of a Social Investment Wholesale Bank. The consultation period will close next week on 07 October 2009.

This consultation could result in a new breed of financial institution - a bank with the primary purpose of investing in society, the environment and the economy. This unique bank would be a world first as it would invest against a triple bottom line of economic growth, social cohesion and sustainable development.

The consultation presented a range of possible functions for the bank, such as attracting money from other investors, and helping raise funds for existing social investors. It could be designed to be independent of government, regularly reporting its social, financial and environmental impact, and working with other investors wherever possible.

The consultation is part of Building Britain's Future, the Government's plan to work with the British people to respond to the economic downturn and together build a stronger, fairer and more prosperous country. Angela Smith, Minister for the Third Sector, Cabinet Office, and Stephen Timms Financial Secretary to the Treasury, formally launched the consultation on 15 July 2009.

Angela Smith, Minister for the Third Sector, Cabinet Office:

"There is a huge public appetite for social responsibility, especially in areas like finance. This consultation is an exciting step on the road towards a Social Investment Wholesale Bank. I look forward to hearing evidence and views on how this bank would work with and for our third sector to ensure that charities, voluntary groups, social enterprises, co-operatives and mutuals grow stronger and are in a better financial position to lead the way in building Britain's future."

Notes to Editors

1. The consultation document is available via: http://www.cabinetoffice.gov.uk/third_sector
Cabinet Office Press Office 22 Whitehall LONDON SW1A 2WH
Tel: 020 7276 0311
www.cabinetoffice.gov.uk
Out of hours telephone 07699 113300 and ask for pager number 721338

CAB/085/09

Contacts:

Cabinet Office Press Office
Phone: 020 7276 1273
Fax: 020 7276 0618
NDS.cabinetoffice@coi.gsi.gov.uk

Charlotte. Godber
Phone: 0207 276 0311
charlotte.godber@cabinet-office.x.gsi.gov.uk

Free, Secure, Compliant UK Public Sector IT Recycling Service