GMM submitted evidence to the Greater Manchester Inequalities Commission. You can read our submission here.
The Commission published its report in March 2021 and we were delighted to see that Greater Manchester Mutual is recognised on p.46 for its role in ‘unlocking community investment’ to secure a just and sustainable GM.
Three of our ‘sister’ banks have made significant steps forward recently.
Wirral,Preston and Liverpool councils are supporting North West Mutual, a new bank being developed to serve Lancashire, Merseyside and Cumbria. In addition to £5m of committed capital investment from these three councils, North West Mutual has been awarded £600,000 to work towards a banking licence application.
The development of Banc Cambria has received financial support from the Welsh Government for the last 18 months. In a statement this week, Minister for Economy and Transport, Ken Skates, has provided an update affirming the importance of this project for Wales and setting out a process of due diligence by Welsh Government, the Wales Pension Partnership and others on a commercial investment proposal to roll out Banc Cambria.
Avon Mutual have appointed a CEO as they work through the final stages of the regulatory approval process and plan to launch the bank in 2022.
We are pleased to announce that GMM was successful in its bid to the Hive for support in developing our communications. We are working with Simon Borkin to plan our public launch. More details coming soon…
Despite the difficulties of the last few months, the network of organisations developing regional community banks in the UK continues to build apace. The Covid-19 crisis has underlined the importance of access to local services including banking, support for small business at the heart of local economies and the need for continued access to cash services. At the same time, we know that the longstanding problems of inequalities within as well as between places need new approaches, especially those that reflect and are rooted in local economies and communities.
In Greater Manchester, we are encouraged by the good progress being made by our fellow groups in other regions. Here are some recent developments from the regional community bank movement.
Avon Mutual has embarked on the second stage of its fundraising and has now reached two milestones. First, it has submitted its Regulatory Business Plan to the PRA and FCA, as a step towards obtaining a banking licence. Second, Bristol City Council with other local authorities has embarked on due diligence which will enable additional investment in Avon Mutual in due course.
South West Mutual is extending its founder share issue and expects to submit its Regulatory Business Plan by the end of 2020.
Banc Cambria continues to make progress on planning a co-operative bank for Wales, with the support of the Welsh Government. See this recent blog from the Wales Co-op Centre for more details.