Shadow Communities Secretary Mark Isherwood AM has this week reiterated his previous calls for Welsh Government action to ensure sustainability for Credit Unions in Wales.
Having long supported the development of financial services through Credit Unions as an alternative, safe and reliable way of saving and borrowing money, Mr Isherwood raised the issue in this week’s Business Statement.
Calling for a Welsh Government Statement on Credit Unions, he said:
“This is, in fact, the first Plenary we've had since International Credit Union Day on 20 October, reflecting on the movement's history, promoting its achievements and raising awareness about the great work that credit unions are doing around the world, and giving members the opportunity to get involved.
“The reason particularly I ask for a Statement is, in March, I asked the then-Minister for Communities and Tackling Poverty in this Chamber about Welsh Government funding, which was due to end then in 2017. In two thirds of loan transactions, people would save by using a credit union, but only 2.5 per cent of people in Wales currently do so. I asked the Minister then, ‘how do you respond to the call by credit unions in Wales for the next Welsh Government to provide capacity-building support for the transition beyond 2017?’
“She replied: ‘that would be a matter for the next Government. I think we’ve supported credit unions very well over the past few years.’
“Well, I call for a Statement in the context of the next few years, given the Minister's response on that occasion and, of course, the importance of International Credit Union Day.”
Mr Isherwood added: “Although much will depend on credit unions working together and growing their saver base, enabling the development of both smaller, shorter term loans and other products including secured mortgages and car loans, ABCUL, the Association of British Credit Unions Limited, told me that with current Welsh Government funding due to end in 2017, the key issue facing credit unions is financial stability.”
ENDS