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Credit Union membership growing fast, but more work to be done, Deputy Minister says
Deputy Minister for Regeneration Leighton Andrews launched the report yesterday (Thursday October 15th) to mark International Credit Union Day. “Realising the Potential” was commissioned by the Welsh Assembly Government and carried out by UWIC’s Cardiff Institute for Co-operative Studies.
The Deputy Minister congratulated the credit unions, on their success over the last few years, but warned that there is also a lot of work ahead if the report’s recommended membership target of 6% of the Welsh population by 2020 is to be achieved. Currently membership stands at 1.8%.
He said:
“Credit unions have achieved a huge amount since devolution in terms of increasing their customer base, improving the services they offer and widening access so that we have now met the One Wales objective of all Wales coverage with 29 credit unions across the 22 local authority areas – a historical first.
“Realising the Potential” is a welcome and timely development in what have been and what look set to continue to be difficult economic times and it highlights a number of challenges. The economic downturn has increased the need for essential credit union services as people struggle with the personal ramifications and look for safe and trusted haven for their hard earned savings, or a fair and understanding hearing for a loan application.
“So far Credit Unions have responded positively to these challenges and are providing a wider, more flexible range of services to meet the developing needs of their customers. However they must continue to evolve to make sure they continue to provide relevant, viable and valuable financial services to their communities .
“The Welsh Assembly Government has worked very closely with credit unions over the last eight years and we are very proud of the achievements we have made together. There are, however, more improvements to be made, as the report identifies and continuing to work together is the best way to achieve this.”
Related Links
A Credit Union is a community owned 'bank'; a non-profit making social enterprise, any surpluses being used for the benefit of its members.Copies of the full report and the executive summary are available here.
