19 July 2010

Peter Holbrook, CEO of the Social Enterprise Coalition, said:

“The Big Society Bank has the potential to help build an economy that is transparent, accountable and embedded with values that reflect the needs of people and planet. A thriving social enterprise sector would get us closer to that kind of economy, and an independent wholesale institution could play a key role in developing the social investment market that underpins it.

“However, in order to be effective, the Bank should be structured and run in such a way that it works with existing intermediaries and does not cause market distortion or displacement, and must be managed independently of government with the ability to operate commercially and distribute funds swiftly and efficiently. The Government has said that it will use ‘every penny’ of dormant bank accounts to finance the Bank. We want to ensure that this results in the greatest social and environmental benefits possible. “

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