Resolved – That, subject to a satisfactory due diligence exercise review:

(1)  a commitment to jointly fund the costs / resources as outlined in paragraph 3.61 of the report and up to a maximum amount of £350,000, to take the North West Mutual to the banking licence application stage, subject to the outcome of the initial due diligence, be approved;

(2)  a commitment to a further joint fund as specified in paragraph 3.63 of the report and up to a maximum of £200,000, to buy in to the use of intellectual property developed by other Mutuals, be approved;

(3)  it be agreed to enter into a cost sharing arrangement with other Councils for the purpose of the above, up to a maximum amount of £185,000 if an equal three-way division of funding is applied; and

(4)  a further report be brought to Policy and Resources Committee once the next stage is completed and prior to any investment decision with the North West Mutual.