ETI Committee warns that plans for Credit Union reforms must gather pace

The Northern Ireland Assembly Committee for Enterprise, Trade and Investment has noted its concern that progress on legislation to reform the scope and remit of Credit unions in Northern Ireland is not proceeding fast enough.

Committee Chairperson Alban Maginness said: “It has been over a year since the Committee reported its findings and made recommendations that would allow credit unions in Northern Ireland to expand their services and play a greater role in promoting financial well-being and improving financial services for low income and vulnerable groups.

“While we welcome the recent announcement by the Treasury and the Department that a joint consultation and an estimated timeline for all processes required for reform legislation has been put in place, we are concerned that plans are not moving fast enough. It is crucial, particularly during this period of economic turmoil that all our citizens are provided with the financial support and services they require.

“We need assurances from the Department that the time-line set for legislative reform is realistic and will be strictly adhered to”.

The Committee for Enterprise, Trade and Investment Report on its Inquiry into the Role and Potential of Credit Unions in Northern Ireland can be read in its entirety via the following website link

http://archive.niassembly.gov.uk/enterprise/2007mandate/reports/report05_08_09r.htm.

ENDS