Decision details

£50,000 payment to Credit Union which includes a corporate investment of £15,000 and deferred shares of £35,000.
This decision has been taken to assist with the Welfare Reform agenda when many residents in Darlington are facing financial challenges.
The £15,000 corporate investment will be recycled for use as affordable loans and reduce the risk of residents using loan sharks.
The £35,000 deferred shares will enable the Credit Union to offer interest bearing accounts. This will encourage saving by some of the most vulnerable residents in Darlington. This will also delive a Reserve/Asset Ratio of 10% as required by the FSA.

To provide the Darlington Credit Union with funding of £50,000 made up of deferred shares of £35,000 and a corporate investment of £15,000.
The work of the Credit Union is a key component in supporting residents in the current economic climate. It is central to the work of the Welfare Reform Group operating as part of the Darlington Partnership.

None.