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UNC System has plans for an internal bank, but the N.C. Treasury has doubts
By Rachel Crumpler | Nov. 11The UNC System Office has plans to establish an “internal bank” in which it would provide loans for certain capital projects to its 17 institutions. This would allow system schools to seek loans from the UNC System internal bank rather than borrowing money from private lenders. But the treasurer of North Carolina said he and his office have questions and concerns around the legality, necessity and accountability of creating an internal bank. Josh Ellis, associate vice president for Media Relations for the UNC System, said in an email that the internal bank would increase timely and flexible access to capital while lowering the cost of borrowing.
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