Social investment bank announcement delayed

No more details before the Budget, says Office of the Third Sector

The Government will not make any public announcement about a social investment wholesale bank before the Budget, the Office of the Third Sector has revealed.

In last year's pre-Budget report, the Government said it was going to outline a finalised model for the bank "by Budget 2010".

Last week, a spokesman for the OTS said there was no prospect of an announcement before the Budget, but one was still expected to be made in the Budget itself. A date for the Budget has not yet been set.

The bank is intended to provide wholesale finance to credit unions, community development finance institutions and other social lenders.

Several social lenders, including Unity Trust Bank, have called for further talks before any announcements. A consultation on the SIWB revealed widespread disagreement among third sector organisations about what its form and function should be.

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