Purpose

Leeds City Council to provide subordinated
loans totalling £500,000 to Leeds Credit Union

Content

The Chief Officer Financial
Services gave approval to;
 
Leeds City
Council will provide Leeds Credit Union with two subordinated loans
to a maximum of £250,000 each which are  repayable in 10 years and would be subject to the
measures set out within this report.
Interest only is charged for the first 5 years and 1 day for
each loan, with an agreed repayment schedule starting after this
point based on an Equal Instalment of Principal for the remainder
of the term until full repayment has been made.