Credit Unions have a role to play in helping people survive the credit crunch, Labour’s Deputy Minister for Regeneration, Leighton Andrews said today.
Speaking at the Sustainable Communities and Co-operative Action Conference hosted by the Robert Owen Community Banking Fund he said: “Confidence in financial service providers is at a current low, the effects of the credit crunch are clearly visible. Credit unions offer friendly, local access to financial services and can help rebuild consumer confidence. They also play an important role in helping tackle financial illiteracy and financial exclusion.
Creating strong credit unions is high on our agenda. We want to establish a successful and sustainable Welsh credit union movement across the country. Credit unions make a real difference to the people and the communities they serve. Not only through the provision of core financial services, but also, through their close and regular contact, helping to educate people about managing their finances. Credit unions also play an important role in the social regeneration and economic development of our communities as well as being imperative to community development, anti-poverty and sustainable development initiatives.”
The Welsh Assembly Government has made it a priority to assist community-based organisations to develop sustainable solutions for local people. Since 2000 the Assembly Government has invested £1.5 million in developing a strong sustainable credit union movement. There are 33 active credit unions across Wales with 34,000 members and savings in excess of £13 million.
