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Issue - meetings
Investment in Regional Community Bank
Meeting: 02/07/2019 - Cabinet (Item 19.)
19. Investment in Regional Community Bank 
PDF 161 KB
Additional documents:
- Appendix A - Avon Mutual Regional Banking for Inclusive Growth, item 19.
PDF 3 MB
- Appendix E - EqIA Avon Mutual Regional Community Bank, item 19.
PDF 389 KB
Decision:
1. Cabinet approved an investment of £100,005 (at risk) on the basis of the Council being a Founder Member to support the formation of Avon Mutual; a Regional Community Bank for inclusive growth, funded from 2018/19 Additional Business Rates s31 Grants.
2. Cabinet delegated authority to the Director of Finance in consultation with the Director Legal and Democratic Services and Deputy Mayor and Cabinet Member for Finance, Governance and Performance to conclude the subscription by the Council for 6,667 Founder Shares for a sum of £100,005 in Avon Mutual, and all matters and documentation required in connection with the Council’s application to be a Founder Member.
3. Cabinet approved up to £50,000 to be used by the Council to undertake further independent due diligence, which will include where applicable, the costs of consultancy support to inform the wider business model for this proposition and any further investment from the Council.