Close this window		9 November 2007 YORKSHIRE/HUMBER BUSINESS COMMUNITY INVITED TO INVEST IN NEW WAY OF SUPPORTING CHARITY The Yorkshire/Humber business community today has been invited to invest in a unique way to support local charities, at a launch attended by the Rt Hon Ed Miliband, Cabinet Minister responsible for charities (Friday 9 November). The launch of Charity Bank in the North, to an audience of local charitable organisations, MPs and local councils at Doncaster racecourse, outlined how business organisations that want to support smaller charities and community groups in the region can make a real difference simply by depositing some of their liquidity with the bank. Charity Bank in the North has been set up, thanks to support from regional development agency Yorkshire Forward, to provide a range of business and financial support to charitable organisations working within the region. The new organisation, based in Leeds, is the first regional office of a national organisation, Charity Bank, set up five years ago and launched by Gordon Brown at No. 11 Downing Street, to provide business support and affordable finance to those smaller charities and community groups that can’t typically get help from the High Street banks. Charity Bank is the only regulated bank in the UK that is also a registered charity – which means that unlike other banks, it’s a not-for-profit organisation.  It is also the only bank that uses 100 per cent of its depositors’ savings to make a pool of funds available, that is solely used to support charities. According to Mr Miliband, who works closely with the charitable sector as part of his Cabinet role, and who himself an account with Charity Bank, the arrival of this unique bank to the Yorkshire/Humber region could help transform the future of its community organisations. Speaking at the launch Mr Miliband said: “There are many thousands of charitable organisations in the region that are doing great work within their communities, but that may lack the skills or resources they need if they want to achieve more long-term goals.   “With the support of businesses in Yorkshire and Humber, Charity Bank in the North, will be able to help these organisations work out what they need to do, and give them the tools they need, to develop and grow.” At the event, the Chief Executive of Charity Bank, Malcolm Hayday, announced details of the new deposit account, the Yorkshire Deposit Bond, for individuals and organisations that want to put some of their funds to better use. The Yorkshire Deposit Bond is a fixed term, 12-month standard deposit account with a minimum deposit of £1,000.  The Bond will pay 2.00% AER*/gross interest on amounts up to £9,999, 3.00% AER/gross on amounts £10,000 and over and 4.00% AER/gross on deposits £50,000 and over. Said Hayday:  “Charity Bank offers a simple way for businesses to make a social investment in the region in which they live and work. The Bond is a unique but simple way of supporting organisations set up to tackle society’s problems, because the funds are used again and again to support organisations that need help – but the money remains yours.” As part of the programme of support, Hayday also outlined the availability of a mentor scheme for charitable organisations, that would look to provide a bank of volunteer business consultants from local firms who were able to give up some of their work time to provide practical support and guidance. Tom Riordan, Chief of Yorkshire Forward, which has invested £10 million in the initiative, said: “As the region’s development agency we are working to place Yorkshire and Humber’s Third Sector organisations as leaders in the UK, and our history of partnership and collaboration stand us in good stead in working towards this. Charity Bank in the North is one way in which Third Sector organisations can gain a firm and sustainable financial footing and we look forward to seeing the initiative bring about real change for the Third Sector across the region.” For more information about how Charity Bank in the North’s work in the region, or for details of the Yorkshire Deposit Bond or how to get involved with the mentor scheme, visit www.charitybank.org/north.  Ends About Charity Bank Charity Bank is a unique organisation. It is the UK's first fully authorised bank that is also a registered general charity (No. 1091648). It was launched publicly at 11 Downing Street in October 2002 following a successful pilot loan period under the name of Investors in Society. Charity Bank is a bridge between people and institutions who would like their savings to be used for the benefit of society, and enterprising community organisations that can deliver solutions. The Bank has 16 charitable shareholders plus Barclays Bank and over 1300 depositors. To date it has agreed loans totalling more than £59 million for almost 600 charitable organisations, reaching three million people in communities across the UK. For further information on Charity Bank in the North, please contact Sarah Graham on 07787 575023 or email sgraham@charitybank.org For further information on Yorkshire Forward, please contact Leona Thompson, Press Officer on 0113 394 9589 or email Leona.thompson@yorkshire-forward.com *AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. Go to top