Decision - Subordinated Loan for East Sussex Credit Union

1)            Approves that Brighton & Hove City Council becomes a Corporate Member of ESCU by depositing a one off sum of £28,000 which can be withdrawn at any time and that the ESCU Corporate Membership scheme be added to the capital programme.

2)            Delegates authority to the Assistant Chief Executive and Executive Director Finances & Resources to act as Brighton & Hove City Council’s Designated Representative in accordance with ESCU's Corporate Accounts Membership Policy.

3)            Approves a subordinated interest free loan of £250,000 to ESCU for the purposes and on the terms set out in paragraphs 3.9 with an expectation of performance against set outcomes and targets with yearly reporting on key performance indicators as set out in Appendix 1. The loan will be added to the capital programme.

4)            Notes that the council will seek to develop closer working practices with the credit union in relation to Housing, Revenues and Benefits, and Children Services.