Credit unions in Scotland and Wales

The credit union sector is especially strong in Scotland, with more than 1 in 20 people currently members of credit unions (as compared with around 1 in 70 in Britain). In the city of Glasgow, 1 in 5 residents are credit union members.

In total, there are 113 credit unions in Scotland serving over 250,000 people with over £200m in savings and £170m out on loan. 3 million Scots are currently eligible to join a credit union which offers the Credit Union Current Account, and many credit unions are offering an extensive range of services including life savings insurance, Child Trust Funds, cash ISAs and even mortgages.

In recognition of the strength of the movement in Scotland and the role credit unions play in offering safe savings, affordable credit and a wide range of financial services to people in communities up and down the country, past and present Scottish Executives have been keen to support the development and growth of credit unions.

Most recently, Scottish credit unions received a total of more than £1.3m from the Scottish Government's Third Sector Enterprise Fund. This investment will help credit unions upgrade their facilities, extend their services to a wider range of people, and continue to develop and grow as thriving social enterprises offering a real local, ethical and co-operative alternative to the banks.

Details of Third Sector Enterprise Fund and Third Sector Credit Union Fund

Credit unions in Wales - in addition to receiving support from central government - have been well-supported by the Welsh Assembly Government (WAG) in the 10 years since its inception.

Most recently this has involved a central role for credit unions in the recently-published, Financial Inclusion Strategy and Action Plan. As part of this, a research project has been completed into the development needs of Welsh credit unions which will inform a Credit Union Action Plan to be published soon.

As part of WAG's One Wales commitments, Welsh credit unions have now achieved full geographical coverage of the country and WAG want to see membership rise from 1.8% to 6% of the Welsh population.

. The Welsh Financial Inclusion Strategy
. A Review of the credit union movement in Wales

ABCUL: Credit unions welcome progress on legislation

ABCUL – the Association of British Credit Unions – has welcomed steps taken in Parliament this week which will see increased access to safe and ethical financial services in communities and workplaces across the country.

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.

ABCUL: Now there's an easier way to find your local credit union

Around 80% of people in England, Scotland and Wales can join a credit union because of where they live, work or the organisations they're members of, and this is growing all the time. Now there's one place where they can find out about the credit unions they can use.

ABCUL: Credit unions welcome Post Office plans

ABCUL - the Association of British Credit Unions - has welcomed today's policy statement from The Department for Business, Innovation and Skills (BIS) on its plans to secure the long term future of the Post Office.

ABCUL: Credit unions can help increase diversity in financial services

Speaking at a fringe event at the Conservative Party Conference, Mark Lyonette explained how credit unions now serve nearly a million people in England, Scotland and Wales and sought reassurance from Financial Services.