§ Mr. McMasterTo ask the Secretary of State for Scotland what steps he is taking to promote the development of credit unions in Scotland; and if he will make a statement.
§ Mr. NelsonI have been asked to reply.
The credit union movement in Scotland has continued to grow. At the end of 1991, the latest year for which full figures are available, returns to the Registry of Friendly Societies show that there were 66 credit unions in Scotland, compared to 57 at the end of 1990. They had aggregate assets of £7,866,000, compared to £5,051,000. This was the equivalent to nearly 34 per cent., compared to 30 per cent., of the total assets of the movement in Great Britain. Those 66 unions together had around 27,000 members, compared to 19,000 in 1990, representing 39 per cent., compared to 35 per cent., of the total in Great Britain.
The latest figures available for the current year indicate that the growth is continuing, with 76 Scottish unions now on the register.