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29/11/2004
Improved finance system offers better social economy
The Permanent Secretary of the Department of Enterprise, Trade and Investment Bruce Robinson said today that "a better financial system is key in developing a stronger, sustainable and successful social economy".
A study into finance for the sector identified the need for a new approach to ensure more effective access to existing financial products and the opportunity for the development of new financial products based on international best practice.
Mr Robinson said: "The study was carried out in partnership with the social economy sector and the delivery of its detailed recommendations is being progressed, with the sector taking the lead in developing new solutions."
Mr Brian Howe, Chief Executive of Ulster Community Investment Trust (UCIT), will chair the newly formed Joint Implementation Group to oversee action in developing the integrated system as recommended by the study. Mr Joe Mc Knight of the First Trust Bank has been appointed as deputy chair.
"Northern Ireland has benefited before from US experience in social economy finance with UCIT, for example, based explicitly on North American models. It is now the largest Community Development Finance Institution in the UK."
A study tour, organised by Belfast Local Strategy Partnership in early November, offered the opportunity to further investigate one of the study's recommendations of adopting US best practice.
"As part of a group of government, private, voluntary and community and social economy sector representatives I met key US funders using commercial for profit funds to drive investment in disadvantaged areas and communities. The visit challenged all of us to think differently and more creatively about how we could work better together to meet our shared objectives in financing investment in communities," added Mr Robinson.
The Study, funded by DETI and undertaken by Colin Stutt Consulting, recommended creation of a financial centre of expertise, better integration of existing sources of finance, development of the sector's financial knowledge study into scope of applying commercial market rate community investment funding and opportunities to share resources through organisational co-operation and merges.
The full study, executive summary and background resources may be viewed at www.socialeconomy.detini.gov.uk
(SP)
A study into finance for the sector identified the need for a new approach to ensure more effective access to existing financial products and the opportunity for the development of new financial products based on international best practice.
Mr Robinson said: "The study was carried out in partnership with the social economy sector and the delivery of its detailed recommendations is being progressed, with the sector taking the lead in developing new solutions."
Mr Brian Howe, Chief Executive of Ulster Community Investment Trust (UCIT), will chair the newly formed Joint Implementation Group to oversee action in developing the integrated system as recommended by the study. Mr Joe Mc Knight of the First Trust Bank has been appointed as deputy chair.
"Northern Ireland has benefited before from US experience in social economy finance with UCIT, for example, based explicitly on North American models. It is now the largest Community Development Finance Institution in the UK."
A study tour, organised by Belfast Local Strategy Partnership in early November, offered the opportunity to further investigate one of the study's recommendations of adopting US best practice.
"As part of a group of government, private, voluntary and community and social economy sector representatives I met key US funders using commercial for profit funds to drive investment in disadvantaged areas and communities. The visit challenged all of us to think differently and more creatively about how we could work better together to meet our shared objectives in financing investment in communities," added Mr Robinson.
The Study, funded by DETI and undertaken by Colin Stutt Consulting, recommended creation of a financial centre of expertise, better integration of existing sources of finance, development of the sector's financial knowledge study into scope of applying commercial market rate community investment funding and opportunities to share resources through organisational co-operation and merges.
The full study, executive summary and background resources may be viewed at www.socialeconomy.detini.gov.uk
(SP)
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