To receive a report from the Deputy Chief Executive (S151) providing an update on the formation of South West Mutual.
The Cabinet had before it, and NOTED, a report * from the Deputy Chief Executive (S151) providing an update on the formation of South West Mutual.
The Cabinet Member for Finance outlined the contents of the report and stated that as previously noted progress had been slowed down by Covid19 and legal issues surrounding setting up a new bank. Work had been undertaken to review the options for setting up the bank and a new gradual approach and perhaps pragmatic way to proceed had been identified. The new Agroecology Fund would be launched this financial year, however attracting capital investment was still proving difficult. Progress had been slow but a new direction of travel was being implemented.
Discussion took place regarding:
· The frustrations involved in this not having moved further on despite Covid. It was confirmed that these concerns would be reflected back to the Managing Directors at the next meeting of Finance Managers.
· The importance of an official banking network in Cullompton and the need to progress this as soon as possible.
Note: * Report previously circulated, copy attached to the minutes.