Credit Unions

Business, Enterprise and Regulatory Reform written question – answered on 6th February 2008.

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Photo of Don Touhig Don Touhig Labour, Islwyn

To ask the Secretary of State for Business, Enterprise and Regulatory Reform what steps his Department has taken to encourage people to save with credit unions.

Photo of Angela Eagle Angela Eagle The Exchequer Secretary, Member, Labour Party National Executive Committee

I have been asked to reply.

As set out in the summary of responses to the consultation on the 'Review of cooperative and credit union legislation', the Government sees some merit in both allowing credit unions to be able to admit corporate or unincorporated local community organisations into their membership in certain circumstances and allowing credit unions to have some flexibility in determining their membership criteria to allow more people to access their services. The Government are currently considering the issue in more detail and will make further announcement in due course.

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