17 Dec 2001
Helen Liddell, the Secretary of State for Scotland, and Iain Gray, the Minister for Social Justice in the Scottish Government, today visited the new premises of Dalmuir Credit Union in Clydebank.
Dalmuir Credit Union was established in April 1977. It now serves a membership of 5,200 people and over the past 24 years its members have loaned each other around £25 million.
It recently moved to new premises at Abbotsford Road in Clydebank, which were officially opened today by Helen Liddell.
Helen Liddell said: "Dalmuir Credit Union is going from strength to strength as shown by its move into brand new premises. Self-help and thrift encouraged by credit unions helps many people move out of financial exclusion. Credit unions help not just the less well off, but the better off too as a competitive provider of basic services. This Government is committed to financial inclusion for all. Credit unions, offering savings facilities and low interest loans to their members, play a vital part in that.
"The Government has just consulted on proposed amendments to the Credit Unions Act 1979, to further improve the regulation of credit unions. Measures proposed in this consultation include widening credit unions' ability to borrow from external sources; allowing the payments of dividends more than once a year and at different rates and enabling credit unions to charge for the provision of ancillary services, such as managing bill payments.
"This consultation shows that the Government is keen to promote the role that credit unions can play. We want credit unions to offer the best possible services to their members."
Iain Gray said:
"Over the last year we have allocated £1.5million and have been working with the movement in Scotland to develop a firm foundation for all Credit Unions to build upon.
"Credit unions make a tremendous contribution towards ending social exclusion in communities across Scotland and they are all about people helping themselves out of poverty, something the Government and the Scottish Government are working to end.
"With more than 5200 members and growing, Dalmuir is a fantastic example of how successful the Credit Union movement can be. Members, staff and volunteers should take the credit for this success".
NOTES FOR NEWS EDITORS
1. Credit Unions are financial co-operatives, owned and controlled by their members.
2. The regulation of Credit Unions is a reserved matter. The consultation document "Proposed Amendments to the Credit Unions Act 1979" was issued by HM Treasury and is available through the Treasury website. Non-media may obtain printed copies by phoning Michael Dynan-Oakley of the Treasury on 020 7270 4488. Responses to the consultation paper should be sent by 18 January 2002 at the latest to Mr Dynan-Oakley, HM Treasury, 2ndFloor, Allington Towers, Allington Street, LONDON, SW1E 5EB.