Treasury written question – answered on 7th September 2011.
To ask the Chancellor of the Exchequer if he will consider bringing forward legislative proposals with provisions comparable to the US Community Reinvestment Act.
The Government has undertaken a range of measures to ensure that financial institutions lend to all sections of society, and will continue to ensure that the financial sector supports growth in the wider UK economy.
As part of this agreement, the banks also agreed to provide £200 million to the Big Society Capital group. This is in addition to the £400 million of capitalisation from English dormant bank accounts. The group will act as a social investment wholesaler and play an important ' role in accelerating the growth of the social investment market in the UK.
The Government also recognises the importance of Community Development Finance Institutions (CDFIs) which operate to support access to finance in deprived areas and continues to support the sector through:
£30m of new funding through the Regional Growth Fund, for a new wholesale fund for the community development finance sector, subject to due diligence; making a commitment to re-notify the Community Investment Tax Relief to the EU Commission to incentivise private investment in disadvantaged communities and also consult on how the scheme can be made more effective; design changes to the Enterprise Finance Guarantee to enable smaller and specialist lenders including CDFIs to participate fully as EFG accredited lenders; and contributing to the European PROGRESS Microfinance Facility, which CDFIs can bid to for support.
Yes2 people think so
No1 person thinks not
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