The Big Society Bank

Were the Blue Baroness allowed to speak in public, I'm sure she'd say, "There is no such thing as the Big Society." Does anybody know how the Big Society Bank will work? As far as I can see, charities and local projects whose grants are now being cut will have to apply for funds from the BSB, a state bank. Does this not simply add yet another layer of bureaucracy to the public sector? Who'll be in charge of it? How many employees will it have? Will it have branches or just be an internet bank? Will funds be allocated per region or per worth of project and, if the latter, what criteria will be used to assess that worth?