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Our commitment

Since 2000, we have invested in credit Unions, recognising the important contribution that can be made tackling financial exclusion, especially in communities where disadvantage persists.

Our current programme for Government includes a commitment to deliver our Access to Financial Products through Credit Unions Project.

We are committed to a vision shared with the credit union movement in Wales for a well managed, resourced, effective and sustainable movement that is inclusive and accessible to everybody living or working in Wales, to deliver credible and professional financial products and services.

Access to Financial Products through Credit Unions Project

Further joint Welsh Government/European Funding of £750,000 was committed in 2009/2010 to deliver phase one of ‘Access to Financial Services through Credit Unions’.

Phase two of this project was started in 2010, attracting further joint funding of £4.056m until 2013. In June 2013, the Minister for Communities and Tackling Poverty announced further funding of almost £2 million. £612,000 of the funding will support the work of Welsh credit unions for another six months, from October through to March 2014.

Between April 2009 and September 2010, credit unions participating in the project provided services to more than 4300 new financially excluded adult members and 482 young savers. From October 2010, 17 credit unions have helped more than 33,000 people who meet the definition of being financially excluded to have access to financial products that are simple, transparent and affordable. Credit unions have also recruited more than 4100 new junior savers across Wales since the demise of the Child Trust Fund.

We have procured credit union business support services to help deliver phase two of the Access to financial products through credit unions project. The contract has been awarded to Social Investment Business and this will run until March 2014.

Further funding for Credit Unions 

In March 2014, the Minister for Communities and Tackling Poverty, Jeff Cuthbert AM announced further funding of almost £1.9m to the Credit Union movement, until March 2017. The funding will continue the good work of the Credit Union project by helping more vulnerable consumers access financial products and services. The new money builds on the significant financial support from the Welsh Government over a number of years.