Credit union delight at £73 million Government boost
Mark Lyonette, Chief Executive of ABCUL - the Association of British Credit Unions, has welcomed today's announcement that the Government is investing up to £73 million in credit unions over the next four years, and that the Post Office could play a central role in delivering credit union services.
"We are delighted to learn that the Government is going to make up to £73 million available to continue the expansion and modernisation of credit unions over the next four years. We also welcome the Government's commitment to providing access to credit union accounts through the Post Office network"
"Credit unions have achieved great things in recent years working with the support of the Department for Work and Pensions through the previous Growth Fund, so we are especially pleased to learn today that new funding is being made available.
"Credit unions have shown they can provide the financial products and services that people on lower incomes need - and want - but often struggle to get elsewhere.
"By linking up with the Post Office, credit unions will be able to reach many more families, making access to credit union services - such as bank accounts, bill payments, safe savings and low cost credit - that much easier."
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Notes to Editor:
ABCUL is the main trade association for credit unions in England, Scotland and Wales. At the end of June 2009, ABCUL's 325 credit unions were managing nearly £450 million of members' savings on behalf of over 550,000 people, and had over £375 million out on loan.
ABCUL is the country's largest development, information and training network for new credit unions. It is a democratic, not-for-profit organisation and is improving day-to-day operations, legislation and regulation for all credit unions.
Credit unions are financial co-operatives owned and controlled by their members. They are licensed deposit takers, authorised and regulated by the Financial Services Authority and they are covered by the Financial Services Compensation Scheme, so the first £85,000 of a member's savings are completely safe.
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