Funding news

Further plans outlined for the Social Investment Wholesale Bank - 9 December 2009

The Government has commited to setting up a new Reclaim Fund to hold assets from dormant bank accounts.

The Reclaim Fund will be managed by The Cooperative Financial Services and will be set up to return dormant assets to their legitimate owners and transfer the remainder of the money to good causes. The majority of money is planned to go to youth services, and £100m, or at least 25 per cent, to financial inclusion services (with the remainder funding the SIWB).

Chancellor Alistair Darling announced in today's pre-Budget report that the Social Investment Wholesale Bank (SIWB) structure will be finalised by the next Budget and will commit up to £75m to the project from money reclaimed from dormant bank accounts.

The Government promised the bank would act as a lender to support community development finance institutions and credit unions, that it would operate as a wholesaler rather than as a retail supplier of funds, and that it would be independent from government.

For the full article, go to: www.thirdsector.co.uk.