Euclid pushes for European social bank

Charity leaders' network plans feasibility study

Euclid, the network of third sector leaders, is to seek funding from charitable foundations in several countries for a feasibility study on a Europe-wide social investment bank that would act as a wholesale lender to other social finance institutions.

The move follows a meeting between Filippo Addarii, executive director of Euclid, Stephen Bubb, head of chief executives body Acevo, and influential figures in the French and German social investment sectors.

Addarii said the idea had support from French bank Credit Cooperatif and from German academic Helmut Anheier, director of the Heidelberg Centre for Social Investment.

"We don't yet know whether it would be a bank with public funding from the European Union, a fund with cash from governments, individuals and institutions or a mixture of the two," said Addarii. "We need to look at which model will work best.

"We looked at the model that is being developed in Britain, which was explained to us after we met a senior official from the Office of the Third Sector and we decided that we could use a similar model in Europe."

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