Wayne David
Main Page: Wayne David (Labour - Caerphilly)Department Debates - View all Wayne David's debates with the Cabinet Office
(12 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Letwin
Yes, I absolutely agree with my hon. Friend. It is extremely important to point out that the purpose of the big society bank, under Sir Ronald Cohen’s direction, is to go beyond the traditional sources of finance and persuade, for example, large charities that have considerable investments to start to reinvest in the voluntary and community sector so that they can get good returns on, for example, social impact bonds.
Mr Wayne David (Caerphilly) (Lab)
How long will it take for funds from the big society bank to reach the front line?
Mr Letwin
That very much depends, of course, on the state aid process, which, as the hon. Gentleman will know from his own experience, we cannot totally determine. In order not to waste time, however, the investment committee that has been set up within the Big Lottery Fund will begin to disburse funds from dormant accounts as soon as they are made available and released. I hope that that will happen within a few months.