§ Mr. LoveTo ask the Chancellor of the Exchequer what discussions he has had with(a) credit unions and (b) financial services organisations regarding the establishment of a central services organisation for credit unions; and if he will make a statement [78078]
§ Ruth KellyTreasury Ministers have had a number of discussions with representatives from the credit union sector and financial services organisations regarding the establishment of a central services organisation since the idea was proposed by the Credit Unions Taskforce in November 1999.
The Government believe that credit unions have an important role to play to encourage the accumulation of savings and help tackle financial exclusion. We continue to liaise with the movement and develop proposals to support its development. The establishment of a central services organisation is a project for the credit union movement to take forward. We understand that the Association of British Credit Unions Limited (ABCUL) is developing new plans to deliver some of the services that could have been provided through a central services organisation.