Decision - Wave Bank (formerly East Sussex Credit Union) loan extension

Brighton and Hove Policy & Resources Committee Decided 16 Mar 2023 approved GET /api/coverage

Decision maker

Policy & Resources Committee

Report author

James Hengeveld

Published

16 Mar 2023

Reference

6918

As published

the council's own words, unedited

Agreement to extend a loan granted to Wave Bank

RESOLVED : That the Committee agreed to extend the loan agreement to Wave Community Bank for a period of a further 10 years to March 2036.

Parsed from the document

gpt-5.6-luna-2026-07-09 · 1869/1318 tokens · 8941ms · parsed 9 Sep 2026 11:56

Everything below was read out of a PDF by a model It is useful and it is not authoritative. The document it came from is linked in the rail, and where the two disagree the document is right.

The report recommended extending Brighton & Hove City Council’s £250,000 interest-free subordinated loan to Wave Community Bank, the trading name for East Sussex Credit Union. The extension would run for a further 10 years to March 2036, supporting affordable lending and financial inclusion for financially vulnerable residents.

Recommendation

That the Policy & Resources Committee agrees to extend the loan agreement to Wave Community Bank for a further 10 years to March 2036.

Financial impact

A £250,000 interest-free subordinated loan would be extended to March 2036; the council will forgo investment income it could otherwise receive.

Ward affected

city-wide

Decision maker

Policy & Resources Committee

Date in document

16 Mar 2023

Stakeholders named

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Wave Community BankEast Sussex Credit UnionBrighton & Hove residents facing financial vulnerabilityFinancial Conduct AuthorityPrudential Regulation AuthorityFinancial Services Compensation Scheme

Next steps

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Extend the existing loan agreement to Wave Community Bank for a further 10 years.
Continue the loan facility until March 2036.

Precedents

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