{"id":3016,"date":"2011-08-10T10:39:28","date_gmt":"2011-08-10T10:39:28","guid":{"rendered":"http:\/\/ihbconline.co.uk\/newsachive\/?p=3016"},"modified":"2011-08-10T10:40:18","modified_gmt":"2011-08-10T10:40:18","slug":"big-society-bank-launched","status":"publish","type":"post","link":"https:\/\/newsblogs.ihbc.org.uk\/?p=3016","title":{"rendered":"Big Society Bank launched"},"content":{"rendered":"

The vision for a Big Society came much closer on 29 June as the Big Society Bank \u2013 now officially named Big Society Capital \u2013 became a reality with the establishment of two expert boards.<\/span><\/p>\n


\n<\/span><\/span><\/p>\n

In addition the first investment from dormant accounts has gone to the Private Equity Foundation, an organisation whose mission it is to support disadvantaged young people into employment, education or training.<\/p>\n

 <\/p>\n

Sir Ronald Cohen, renowned pioneer of venture capital, has agreed to serve as the unpaid, interim Chair of Big Society Capital Limited, the operating company of the group, until it is fully operational and its Board has conducted a search for a more permanent Chair. Nick O\u2019Donohoe, formerly Global Head of Research at JP Morgan, will take the helm as Big Society Capital\u2019s first CEO. An experienced board will be working with them to lead this truly groundbreaking initiative as it transforms the world of social finance for charities and social enterprises:<\/p>\n

\u00b7\u00a0\u00a0 Sir Ronald Cohen, Chair (the Portland Trust and Bridges Ventures)<\/p>\n

\u00b7\u00a0\u00a0 Nick O\u2019 Donohoe, CEO (formerly JP Morgan)<\/p>\n

\u00b7\u00a0\u00a0 Dawn Austwick (Esmee Fairbairn Foundation)<\/p>\n

\u00b7\u00a0\u00a0 David Carrington (Independent Consultant)<\/p>\n

\u00b7\u00a0\u00a0 John Kingston (Association of Charitable Foundations)<\/p>\n

\u00b7\u00a0\u00a0 Geoff Mulgan (National Endowment for Science Technology and the Arts)<\/p>\n

\u00b7\u00a0\u00a0 Dai Powell (HCT Group)<\/p>\n

\u00b7\u00a0\u00a0 Lady Susan Rice (Lloyds Banking Group)<\/p>\n

\u00b7\u00a0\u00a0 Danielle Walker Palmour (Friends Provident Foundation)<\/p>\n

 <\/p>\n

The Board of the Big Society Trust, responsible for ensuring the group stays true to its mission, has also been appointed. Members represent a wide spread of leaders in the social and financial sectors:<\/p>\n

\u00b7\u00a0\u00a0 Sir Richard Lambert (University of Warwick)<\/p>\n

\u00b7\u00a0\u00a0 Ian Davis (formerly McKinsey & Co)<\/p>\n

\u00b7\u00a0\u00a0 Baroness Pitkeathley (House of Lords)<\/p>\n

\u00b7\u00a0\u00a0 David Robinson (Community Links)<\/p>\n

\u00b7\u00a0\u00a0 Sir Stephen Bubb (CEO of ACEVO) [ex officio in rotation every three years with NCVO]<\/p>\n

\u00b7\u00a0\u00a0 Peter Holbrook (CEO of Social Enterprise Coalition) ex officio<\/p>\n

\u00b7\u00a0\u00a0 Gareth Davies (Cabinet Office) ex officio<\/p>\n

\u00b7\u00a0\u00a0 Sir Ronald Cohen (Chair of BSC) ex officio<\/p>\n

 <\/p>\n

Big Society Capital will be run independently from government with decisions around funding being made by an impartial investment committee. It will play a critical role in speeding up the growth of the social investment market. Socially orientated financial organisations will have greater access to affordable capital, using an estimated \u00a3400million in unclaimed assets left dormant in bank accounts for over 15 years and \u00a3200million from the UK\u2019s largest high street banks. Big Society Capital and the four Merlin banks have also come to an agreement on heads of terms for the banks’ \u00a3200m investment in the company.<\/p>\n

Cabinet Office News: LINK<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The vision for a Big Society came much closer on 29 June as the Big Society Bank \u2013 now officially named Big Society Capital \u2013 became a reality with the establishment of two expert boards. In addition the first investment … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3016","post","type-post","status-publish","format-standard","hentry","category-sector-newsblog"],"_links":{"self":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/3016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3016"}],"version-history":[{"count":2,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/3016\/revisions"}],"predecessor-version":[{"id":3019,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/3016\/revisions\/3019"}],"wp:attachment":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}