Purpose

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

Decision

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.