Press Release
9th March 2000
Credit Unions – "Common-sense Finance"
MSP for Greenock and Inverclyde, Duncan McNeil, has hailed the encouragement given today by Jackie Baillie, Deputy Minister for Communities, for the wider use of Credit Unions as "a victory for common-sense, affordable finance."
Mr McNeil said the Minister was "spot on" in challenging the view that credit unions were a 'poor person's bank'.
Commenting, Mr McNeil said:
"Access to credit is necessary for most households, and everyone should have access to low cost quality financial services in their local area. I am lucky enough to live in Greenock, where we have an excellent credit union. But access to low-cost financial services should be available to everyone, regardless of where they live.
"Credit unions are member-owned, not-for-profit financial institutions. They encourage savings by offering a fair return, using those savings to make loans at competitively low interest rates to members.
"Their non-profit status enables credit unions to operate at a lower cost than other institutions and helps them to offer competitive loan and savings rates.
"I want to see the credit union movement in Scotland grow, and ensure that credit unions are able to operate as serious, credible financial institutions providing a service for the whole community.
"I warmly welcome the Minister’s statement that she intends to develop a Scottish development strategy for credit unions to co-ordinate the expansion of credit unions and extend existing good practice across Scotland."
ENDS
[ HOME ] [ News ] [ Articles ] [ Calendar ] [ Contacts ] [ Links ] [ E-Mail ]
[ Copyright ] [ Open Government ] [ Scottish Parliament ]