Decision Maker: Chief Executive Officer GMCA & TfGM
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The investment into Bank North Limited
(“Bank North”) is in line with the strategic objectives
of the business investment strategy and the Local Industrial
Strategy and support the key objectives of supporting our globally
competitive strengths and strengthening the foundations of our
economy. Bank North operates in the Financial Services
sector.
The Combined Authority gave approval on 25 March 2022 to give
delegated authority for the period 26 March 2022 to 26 May 2022 to
the Combined Authority Chief Executive and the Combined Authority
Treasurer, in consultation with the Portfolio Lead Leader for
Investment and Resources, to approve funding requests for projects
in the absence of a Combined Authority meeting at the end of April
2022, and approve any urgent variations on amounts and terms for
already approved loans.
Any recommendations approved under the delegation will be subject
to the usual due diligence processes and will be reported to the
Combined Authority at the next available meeting.
a) the funding application by Bank North
Limited (“Bank North”) (investment of £500,000)
be given conditional approval and progress to due diligence;
and
b) delegate to the Combined Authority Treasurer and Combined
Authority Monitoring Officer to review the due diligence
information in respect of the company, and, subject to their
satisfactory review and agreement of the due diligence information
and the overall detailed commercial terms of the transaction, to
sign off any outstanding conditions, issue final approvals and
complete any necessary related documentation in respect of the
investment.
Publication date: 12/05/2022
Date of decision: 12/05/2022
Accompanying Documents: