The East London Credit Union: some new facts, but confusion, maybe evasion, persists
Last month, LBWF divulged some more information about its subsidisation of the now collapsed East London Credit Union (ELCU). The focus is on a large grant that LBWF awarded to ELCU in 2015 in order to help it support vulnerable residents and small businesses. Previous references to this grant were both contradictory and deficient as to important details. In a book published during 2017, a chapter co-authored by then ELCU CEO Michelle Howlin claimed that, two years earlier, LBWF had made ‘a £500,000 investment [in ELCU] to deliver a range of initiatives, including business lending’. Yet in a supposedly definitive listing of all LBWF payments to ELCU from 2014 onwards, forwarded under the Fr... »