Nesta to pilot Big Society Bank activities

Finance | Vibeka Mair | 4 Oct 2010

The National Endowment for Science, Technology and the Arts (Nesta) has been asked by the government to research and pilot some of the activities the proposed Big Society Bank will perform to inform its development ahead of its target launch in April 2011.

The research, called the Big Society Finance Fund, aims to provide practical examples of how the Big Society Bank’s role and products can develop over time in line with the development of the needs of the Big Society. It will demonstrate in its initial phase how the Big Society Bank can offer quick, simple, impactful support to social finance intermediaries at low operating cost.

Nesta will also pilot some initial products that the Big Society Bank could offer to support capital-raising activities by social finance intermediaries.

Nesta will work with partners on the project who will be announced mid-October.

It plans to publish a report on the findings by January 2011.

Meanwhile, Liberal Democrat Treasury spokesman Lord Newby has reportedly called on the banking sector to get involved in projects such as the green infrastructure bank and the Big Society Bank.

Speaking at a Liberal Democrat conference fringe event, Newby said: “There are lots of new things that could and should be happening that would demonstrate the financial services sector is there to make positive things happen and not just to enrich a few bankers, which is the way it is perceived at the moment.”

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