Welsh Social Justice Minister announces £3.4m boost for credit unions
On Tuesday 14th Spetmber, Social Justice Minster Carl Sargeant, announced a massive boost of £3.4m to credit unions in Wales.
The funding, which includes £1.8m from the European Regional Development Fund, will ensure that credit unions continue to develop financial services that are available to all Welsh citizens during the next three years.
On a visit to Rhyl, the Minister said: “Credit unions offer a safe and reliable way of saving and borrowing money, especially for people on lower incomes.
“Developing a strong and effective credit union movement that meets the financial needs of all Welsh citizens is high on the Assembly Government’s social justice agenda.
“I am pleased to report that we have made a good start. Since 2000, credit unions in Wales have seen a five fold increase in members and assets. There are now over 43,000 members and 8,000 junior savers across Wales and assets rose from £4m to £21m during the decade.
“At a time when there is widespread dissatisfaction with the banking sector, it is not surprising that credit unions are bucking the trend and becoming an increasingly popular alternative to traditional high street financial institutions.”
Source: Welsh Assembly Government