Warm response to proposed new social investment bank

Finance | Gareth Jones | 1 Apr 2007

The recommendation that a social investment bank be set up with the money in dormant bank accounts, contained in last week's report on the use of unclaimed assets, has been warmly received.

The Commission on Unclaimed Assets, chaired by venture capitalist Sir Ronald Cohen, announced that it believed an 'independent social investment bank should be created using the capital from dormant accounts to develop the social investment market on a scale that can support the UK's vibrant and diverse but under-capitalised third sector, including social enterprise, community development and voluntary organisations.' The Commission is suggesting that the bank receives founding capital of at least £250 million, with an annual income stream of £20 million for a minimum of four years.

However, Stuart Etherington, NCVO chief executive, cautioned that it is only one of a range of options for ensuring that unclaimed assets support a broad range of social activities and causes. Richard Gutch, chief executive of Futurebuilders England, said he was pleased that the Commission recognised that a social investment bank should work through existing financial intermediaries.

Directory: Futurebuilders England | National Council of Voluntary Organisations (NCVO)
Who's Who: Sir Stuart Etherington

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