February 1st 2013
Will council banks happen?
ISSUE 508, FEBRUARY 2013
*SPECIAL FOCUS ON LOCAL BANKING AND FINANCE*
IN FOCUS: WILL COUNCIL BANKS HAPPEN?
Recent attempts by UK councils to launch banks have ended in failure. But with entry into the banking market getting simpler and pressure for local finance growing, a new generation of council banks could soon become reality, says David Boyle
Baroness Susan Kramer was one of several peers who fought a successful battle to amend the new Financial Services Bill to make it easier to set up small banks. She talks to David Boyle about the potential for new models of local finance to emerge.
LOCAL WORK: HOW TO…CREATE A LOCAL LENDING HUB
The rapid expansion of the Fredericks Foundation couldn’t have come at a better time for businesses shunned by the banks. Austin Macauley looks at the model behind its success.
INTERNATIONAL WORK: LEARNING FROM LOCAL BANKING SYSTEMS IN THE US AND GERMANY
Britain led the world in developing mutual financial institutions and public savings banks, but now its local banking sector pales in comparison to that of the US and Germany. Tony Greenham asks what the UK learn from other countries in rebuilding its stakeholder banks?