Supporting work of credit unions

Ulster Unionist MLA Alan McFarland has said that an Assembly debate on the role of credit unions "illustrates perfectly how the limited amount of work that comes from the current Executive leads to unnecessary debates and damages the Assembly's integrity".

Highlighting that the motion completely ignores work that it already underway, Mr McFarland said that it even "overlooks the fact that the Minister has assessed that a joint consultation document by the Treasury and DETI on credit-union reform will be issued by the end of 2009 or in early 2010".

"Although it is hard to understand what Sinn Féin aimed to achieve when it tabled the motion, the debate has brought to the attention of the House the ongoing good work of credit unions. It gives the Assembly the opportunity to encourage the introduction of legislation in Northern Ireland and Great Britain to ensure that credit unions can provide the best possible service.

"I was pleased that the Treasury agreed with the Committee's report and recommended the option for credit unions to remain registered in Northern Ireland while being regulated by the FSA. That will maintain the Department's good relationship with and knowledge of credit unions in Northern Ireland.

"Although that approach may require primary legislation in Northern Ireland and potential amendments to existing GB legislation, it will benefit customers and future customers of credit unions in Northern Ireland. Credit unions are vital to local communities. It is crucial that local contact is maintained. The FSA will have a duty to get to know credit unions in Northern Ireland and how they work," the North Down MLA said.

"We are emerging from a period when speculative financial investment and high-risk banking have left the nation - many families - facing potential bankruptcy. Credit unions provide an opportunity for a more stable form of saving and investment, more localised management, and greater potential for doing good with our money.

"I welcome the process that is ongoing. It is an example of an Assembly Committee doing good work and, hopefully, a Minister taking on that good work."