Hurd announces Big Society Bank will be wholesale provider
Speaking at an event hosted by Infomatin Exchange and UnLtd, Ministerfor Civil Society Nick Hurd announced that the Big Society Bak will be an independent wholesale provider and will provide funds to organisations that already contributing financially to the sector.
Hurd stressed this point again this month while answering questions from MP's about the Big Society Bank asserting that, "The intention is for the bank to be as independent and unbureaucratic as possible. It will be a wholesaler, not a retailer, so it will support intermediaries that are growing the market for social investment."
The Big Society Bank will draw on funds of an estimated £300m - £400m from dormant bank accounts and is expected to be open from April 2011.