Issue - meetings

To consider the report of the Deputy Chief Executive on the support given by the Council to the Credit Union, on a proposal to use Yorkshire Forward financial inclusion funding to reduce the Council loan commitment to the Union and proposed further work in relation to branch network requirements.

Prior to consideration of this matter the Assistant Chief Executive (Corporate Governance) offered advice as to the nature of the interests of those members of the Board who were members of the Credit Union. Upon receipt of the advice Councillors Blake, Dowson, R Lewis, Murray and Ogilvie declared personal and prejudicial interests as members of Leeds City Credit Union and left the meeting during the consideration of this matter. 

The Deputy Chief Executive submitted a report on the support given by the Council to the Credit Union, on a proposal to use Yorkshire Forward financial inclusion funding to reduce the Council loan commitment to the Union and proposed further work in relation to branch network requirements.

RESOLVED -

a)  That the continued support being provided by officers of the Council to the credit union be noted.

b)  That the further information in the report in relation to LCCU and the promotion of financial inclusion be noted.

c)  That the intention for LCCU to maintain a 7 branch cash network for the rest of the year and the financial support package which has been developed for this purpose be noted.

d)  That approval be given to  the use of Yorkshire Forward financial inclusion funding to  reduce the £2m Council loan commitment to LCCU  by £900,000 to £1,100,000.

e)  That the intention to undertake further work which will consider the branch network requirements post March 2011 ( including potential funding), taking into account both LCCU’s future vision and the Council’s financial inclusion objectives, be noted.