Credit Unions host visitors from Wales

Prominent representatives from throughout Wales called at local CUs to share best practice and explore opportunities for growth.

The visit was hosted by the Ulster Federation of Credit Unions, the fastest growing community enterprise to be found in Europe, and is taking place to mark the International Year of Co-operatives.

Credit Unions in Northern Ireland have recently undergone significant changes, with regulation of credit unions passing to the Financial Services Authority (FSA) in London, creating greater protection for credit union and strengthening links with other UK credit unions.

Whilst the number of credit unions in the rest of the UK is growing, the strength and success of Credit Unions in Northern Ireland is widely acknowledged. Across the UK, only one in a hundred of the adult population belongs to a credit union; in Northern Ireland, the figure is one in four.

Commenting on the visit, Chair David Dowey said: “Since the change of regulation to the FSA, we have been keen to strengthen links and assist in the development and growth of credit unions with our counterparts in the UK.

“Since the financial crisis in 2008 and the subsequent bailout of the banks, credit unions in Northern Ireland and Wales have become even more important and have experienced significant growth”

Bill Hudson, programme Manager for Credit Union support programme in Wales said: “The visit to Credit Unions in Northern Ireland has been of real benefit to the Welsh Credit Unions in that it has shown us the amount of voluntary sprit there is among credit unions in Northern Ireland. We have seen a number of different kind of Credit Unions large, medium and small but what stands out is the community involvement there is”.