Hurd says Big Society Bank will be a wholesaler

Hurd says Big Society Bank will be a wholesaler
Vibeka Mair, Civil Society
14.07.10

Minister for civil society Nick Hurd has said the Big Society Bank will be a wholesaler which will work through and support organisations that are already providing finance to the voluntary sector.

Hurd made the announcement at a workshop organised by Information Exchange and UnLtd, after Charles Middleton, head of Triodos Bank, asked him what role the Big Society Bank would have.

Middleton told Civil Society that Hurd was "particularly at pains" to emphasise that the Big Society Bank would not be working in competition with Triodos, or other retail banks in the voluntary sector.

“He said it would be a wholesaler,” said Middleton, “Who would work through and support organisations that are already providing finance in the voluntary sector.”

The coalition government is aiming to have the Big Society Bank open for business by April next year.