About this Event
We're excited to be hosting this in-person, public discussion with Jules Peck, founder and non-exec director of Avon Mutual - set to become the first of a wave of community-owned regional banks in the UK [Building community wealth in the banking sector - RSA (thersa.org)]. Jules has been a central figure in the the UK's Community Wealth Building movement for decades, and is a fellow of the New Economic Foundation, The Democracy Collaborative and the RSA.
Community banks are an alternative to traditional, commercial banks. With a specific focus on their locality, community banks can address the financial needs of SMEs, ordinary people and community groups. Community banks also have a remit to invest more ethically than commercial banks, being regional anchor institutions held in trust for the benefit of their members.
The first of the Community Savings Bank Association will be Avon Mutual, which will take local savings and use them to create local loans. Avon Mutual aims to serve the everyday financial needs of ordinary citizens, local community groups, and small and medium sized companies. It aims to become a key anchor institution focused on shifting the region’s economy to promote sustainable and equitable prosperity.
Why regional banks?
Regional mission-led banks are a critical anchor institution in many of the world's most inclusive economies. They've been recommended by the RSA Inclusive Growth Commission, and the Community Wealth Building movement as central pillars in improving local economic and social outcomes. There is a wealth of evidence for their benefits which shows that they:
· better serve smaller businesses, because their local knowledge and relationship banking model give them a competitive advantage. They complement large banks to ensure that all viable businesses get the service they need.
· perform better on financial inclusion, ensuring many more citizens have access to banking and fair credit.
· act counter-cyclically, lending proportionally more to households and smaller businesses during recessions than large national and global banks.
· devote a greater proportion of lending to real economy businesses rather than financial and property speculation.
· provide an important mechanism for ‘levelling-up’ by capturing more capital for reinvestment in the region that would otherwise flow to the financial centre.
Event Venue & Nearby Stays
Old Fire Station, 40 George Street, Oxford, United Kingdom
USD 0.00
