On 2 February 2007 I launched the Social Finance Foundation to implement the Social Finance Initiative announced in Budget 2006. The Social Finance Foundation has been established on a not-for-profit basis to act as a wholesale supplier of social finance for on-lending by specialist social finance lenders to support social and developmental projects and social enterprise in local communities. The Foundation established under company law is governed by its members/directors. The Foundation has received seed funding of €25 million from the Irish banking sector for distribution to qualifying intermediaries. These lending intermediaries are expected to comprise existing social finance lenders, as well as those that emerge as a result of the establishment of the Foundation.
The Foundation's lending policies and procedures as well as the appointment, role and remuneration of staff are matters for the board of the Foundation. The board of the Foundation is chaired by Mr Peter Quinn. Information on the other directors of the Foundation was included in the press release issued by my Department which is available on the Department's website at www.finance.gov.ie. The Chair indicated at the launch that the Foundation intends to commence its lending activities by mid-year. I see the launch of the Social Finance Foundation as a catalyst for deeper participation by private finance in the area of local and community development and social finance projects, over and above the significant seed funding contributed by the banks.
