Hurd suggests Big Society Bank could have a time limit

Finance | Vibeka Mair | 26 Jul 2010

Nick Hurd has speculated that the Big Society Bank may not be a bank and could come to an end once its purpose of helping to develop a social investment market has been served.

Hurd was speaking at a roundtable event on the Big Society Bank last week, just days after Prime Minister David Cameron's announcement on funding for the bank.

The roundtable involved Nat Wei, the government’s Big Society adviser, and representatives from CAF Venturesome, Social Finance, Social Investment Business, Triodos, Charity Bank, CDFA and Clearly So.

Rodney Schwartz, CEO of Cleary So, said Hurd told delegates that the Big Society Bank was 'just a name' and it could be designed to come to an end once its purpose – helping to accelerate the development of the social investment marketplace – had been served.

Hurd also reiterated that the 'bank' would be working with and supporting intermediaries already in the sector. He added that it "would not work if it was seen as a government bank”.

John Kingston, director of CAF Venturesome, told Civil Society that it was encouraging that Hurd started the meeting by stating that the principles underlying the bank were to build a social investment market, provide a wholesale function and support intermediaries in the sector.

He added that CAF was anxious that the market involved different players to create a diverse and fluid market.

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