Ethos Public Relations Manchester

Your money, your choice, your credit union

by Ethos public relations

With credit union membership in the UK up by 10 per cent, International Credit Union Day on Thursday 15 October, will celebrate the success of credit unions around the globe.

186 million people worldwide choose credit unions and latest figures from the Association of British Credit Unions (ABCUL) in June 2009, show that the 325 credit unions belonging to ABCUL were managing around £450million of members' savings on behalf of over 550,000 people, with approximately £370 million out on loan.

International Credit Union Day, this year themed 'Your Money, Your Choice, Your Credit Union', will not only help to raise awareness of the invaluable work credit unions are doing, but it will also give members the opportunity to get more involved in the credit union movement as a whole.

According to Mark Lyonette, Chief Executive of ABCUL, there has never been a better time to celebrate the success of the credit union sector.

"Credit unions, as financial co-operatives and community-owned and controlled organisations, have proved their durability during the economic downturn as they offer local people a well-trusted financial solution," he said.

"The recent economic crisis has highlighted the benefits of mutual ownership and credit unions have been successful in this country, and all over the world, because of the way they look after their owners - the members.

"If people want to enjoy the benefits of owning their own finance provider they should join their local credit union - not only will they be able to benefit from a range of affordable products and services, but they will also know their money is in safe hands - their own."

There are approximately 186 million members of 54,000 credit unions in 97 countries worldwide whose members collectively own assets of US$1.2 trillion.

To find out more about credit unions in Britain visit www.abcul.coop.

Posted at 12^th October 2009