The news that people in all parts of Wales now have access to a credit union has been welcomed by Mid and West Wales AM Joyce Watson on International Credit Union day following an announcement by the Labour-led Assembly Government.
Achieving all-Wales successful and sustainable credit union coverage is a major milestone achievement and delivers on a key Welsh Labour pledge.
Joyce Watson said:
“This good news comes at a time when people in Wales are facing a more difficult economic future. Thanks to the Labour-led Assembly Government many more will be offered a financial lifeline with this announcement.
Since 2000 the Labour-led Assembly Government has invested £1.75 million in developing a strong and sustainable Credit Union movement and has promised another £1.75 million to deliver commitments including establishing access for secondary pupils and helping more to offer child trust fund accounts.
With credit union membership in Wales in excess of 40,000 adult members and 7,500 junior members and savings held in credit union adult accounts reaching the £16million mark credit unions are providing an ever more friendly, local option - and surplus money is always reinvested or redistributed and never leaves the community.
Their services will be crucial for many people and families in Wales especially with Christmas just around the corner. This announcement of all Wales coverage has come at a critically important time.”
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