£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.
Decision type: Non-key
Decision status: Recommendations Approved
Notice of proposed decision first published: 22/08/2019
Decision due: 9 Sep 2013 by Chief Executive
Contact: Chief Executive.