Credit unions reassure members

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Credit unions reassure members

Members of credit unions are "well sheltered" from the current economic turmoil, the Association of British Credit Unions (ABCUL) has said.
As the news of the UK government's £37 billion injection into Lloyds TBS, HBOS and Royal Bank of Scotland receives wide coverage, ABCUL chief executive Mark Lyonette moved to reassure members.
He explained that credit unions do not rely on borrowing from international money markets or banks and nor do they buy up the debts of other institutions.
Since they use their members' savings, he said, they are "very self-contained".
Furthermore, their directors are elected volunteers and do not have to answer to shareholders or worry about short-term fluctuations in share prices.
Mr Lyonette also pointed out that savings in credit unions are covered by the Financial Services Compensations Scheme in the same way as money in banks and building societies.
Credit unions are financial co-operative institutions owned and run by their members.
They often offer services such as accounts, ISAs and child trust funds.

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