On International Credit Union Day (Thursday 21st October), Social Justice Minister Carl Sargeant is encouraging the people of Wales to join their local credit union.
Over the past ten years the credit union movement in Wales has come a long way. With the support of the Welsh Assembly Government, credit union membership has increased five fold from 10,000 in 2000 to over 50,000 by the end of 2009.
In 2008, the Assembly Government fulfilled its One Wales commitment to establish successful and sustainable credit union coverage across Wales. Today, anybody living or working in Wales can become a member of a credit union with 26 working across all 22 local authorities.
Despite the challenging economic climate, the Welsh Assembly Government will continue to champion the credit union movement across Wales. The Assembly Government and the Wales European Funding Office will make £3.4 million of funding available over the next 3 years to continue credit union development. Such investment will help to secure the long-term sustainability of credit unions in Wales. By 2013, it is hoped that many credit unions will have achieved, or be very close to achieving self-sustainability.
The Minister said,
“In this difficult economic climate, it is more important than ever to provide accessible and affordable financial services for the people of Wales. As well as providing a safe and convenient way to save and offering low cost loans, credit union members can access a range of other financial services. These can include current accounts, Child Trust Funds, debt management advice and Christmas savings accounts.
“At a time when there is widespread dissatisfaction with the UK banking sector, credit unions in Wales have bucked the trend and are becoming increasingly popular.
“I am delighted that so many people are taking advantage of the services offered by credit unions in Wales. As a credit union member myself, I feel reassured that my money is safe and would encourage everyone to join their local credit union.”
