Decision Maker: Chief Executive
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
£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.
Publication date: 22/08/2019
Date of decision: 09/09/2013