Motion: New Powers for Credit Unions

New Powers for Credit Unions

Lodged by Christine May Members' Business Motion 49 supporters

The motion

That the Parliament welcomes the extended facilities available to credit unions from April 2006 which will allow them to offer a wider range of services to their members; notes that these facilities will include insurance products, budgeting and savings accounts and flexible low-cost loans based on ability to pay; recognises the importance of the role played by credit unions in helping to alleviate poverty, prevent debt and its devastating consequences for many low income families, encourage saving and prudent borrowing and support regeneration in many communities across Scotland, such as Glenrothes and Levenmouth in Fife; further welcomes the additional support provided for approved credit unions to establish and administer these services; acknowledges that the credit union movement embodies and promotes the principles of mutualism and co-operation, and believes that the expansion of the credit union network in Scotland will play a vital part in enabling regeneration of many more communities.

Supporters (49)