Ethos Public Relations Manchester

Green light for new Cross-Party Group on credit unions

by Ethos public relations

Members from Scottish Labour, the SNP, Scottish Conservatives and Scottish Liberal Democrats have registered to join the group which seeks to discuss issues, develop policy and promote the positive role of credit unions in Scotland.

Labour and Co-operative MSP Frank McAveety worked with ABCUL - the Association of British Credit Unions - to initiate the group and will be the convener, and John Wilson MSP (SNP), Mary Scanlon MSP (Conservative) and Robert Brown MSP (Liberal Democrat) will be the vice-conveners. The treasurer is James Kelly MSP (Labour and Co-operative).

Frank McAveety MSP said: "Credit unions are making a difference every day in communities across Scotland. They demonstrate the value of sound money linked to ethical lending.

"It is vitally important that they have a strong voice in the Scottish Parliament and, on the tenth anniversary of the Scottish Parliament, it is right and fitting that their voices can be heard through the Cross-Party Group involving MSPs and credit unions."

Over a quarter of a million Scots are members of credit unions, saving over £200m and borrowing £150m at much more affordable rates than many other lenders offer. In the wake of the banking crisis, even more Scots are joining credit unions, with some reporting a tripling of new membership applications from the same time last year.

Credit unions offer a full range of financial services, with five Scottish credit unions providing current accounts and four offering mortgages.

ABCUL's Policy Officer for Scotland, Frank McKillop, who will be the group's secretary, said: "This new Cross-Party Group means there will be a meeting specifically about credit unions at the Scottish Parliament every few months, and MSPs from all parties will have an opportunity to discuss the challenges and opportunities for the credit union movement in Scotland on a regular basis.

"We're proud that credit unions enjoy genuine cross-party support in Scotland and we look forward to building upon that in the coming months and years."

Posted at 11^th May 2009