Press releases - Welsh Coalfields Bond

 

Rt Hon Peter Hain MP took a pause in his Northern Ireland discussions to host a reception for the Welsh Coalfields Bond.

 

The Secretary of State for Wales held a reception to promote the Bond to the Welsh business community in the City of London. Various MPs were also present and guests were also wowed by up and coming Welsh singer 17-year-old Beth Williams – someone who typifies the talent from former coalfields communities who will benefit from the Bond.

 

Mr Hain said "Thanks to the determination and support of the public and private sector organisations, coalfield communities have started to recover from the devastating effect of the closure of the coalmines. These communities have a wealth of talent that is waiting to be unlocked and I welcome exciting initiatives like the Welsh Coalfields Bond that will help those living in these communities realise their dreams."

The Welsh Coalfields Bond is a Social Investment Bond developed by Social Investment charity Citylife in partnership with the Coalfields Regeneration Trust. It aims to liberate the creative and cultural talent of former coalfields area of Wales.

 

Wales is known across the world for its reputation for creative talent, but people from former coalfields communities face real barriers in realising their dreams. The Bond is an innovative charitable instrument which, instead of paying interest to investors, will use the money to set up a new Awards Scheme of grants enabling people to nurture their individual talent.

 

Earlier that day it had been announced that the Western Mail (Trinity Mirror Group) had agreed to invest £100,000 in the Bond taking the amount raised so far to over £400,000. Principality Building Society is holding the Bond in trust and was the first supporter with an investment of £250,000. All investors get their investment back after 5 years, guaranteed by Barclays Bank plc.

 

Tim Jones of Citylife, which has organised a number of Social Investment Bond projects across the UK, said “The Welsh Coalfields Bond has had an encouraging start. However, with the launch of the Bond in London, we are anticipating that its value will grow considerably up to the closing date at the end of July.”

 

For more information and to buy a Bond online see www.welshcoalfieldsbond.org or email walesbond@citylifeltd.org