Decision details

East Sussex Credit Union request for subordinated loan

Decision Maker: Leader and Lead Member for Strategic Management and Economic Development

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes


A report considering the East Sussex Credit Union


13.1     The Lead Member considered a report by the Chief Executive.




13.2     The Lead Member RESOLVED to offer a £150,000 subordinated loan from Council reserves to the East Sussex Credit Union. 




13.3     Local authorities have invested in credit unions in this way because, although forgoing an interest rate in a bank account, they invest for social return.  The loan will be paid back in 5 years and will help the Credit Union assist more residents facing the greatest hardships to deal with immediate financial pressures.



Report author: Becky Shaw

Publication date: 24/01/2018

Date of decision: 23/01/2018

Decided at meeting: 23/01/2018 - Lead Member for Strategic Management and Economic Development

Effective from: 31/01/2018

Accompanying Documents: