§ Mr. Jim CunninghamTo ask the Chancellor of the Exchequer if he will make it his policy to create a central services organisation for credit unions, following the November 1999 report of the Treasury Credit Unions Taskforce. [135821]
§ Miss Melanie JohnsonThe Government strongly support the establishment of a central services organisation, as recommended by the taskforce.
§ Mr. Jim CunninghamTo ask the Chancellor of the Exchequer how many credit unions are currently operating in(a) Coventry and (b) the United Kingdom; and what links the Treasury has with them and their representative body. [135819]
§ Miss Melanie JohnsonThere are seven credit unions in Coventry, and 688 in Great Britain. I am pleased to be attending the launch event for Coventry Millennium and Phoenix Five credit unions on 14 November. The Treasury has regular contacts with the representative bodies.
§ Mr. Jim CunninghamTo ask the Chancellor of the Exchequer what plans he has to(a) extend the ability of credit unions to borrow and (b) amend the legislation controlling them; and what assessment he has made of how such plans will affect credit unions in Coventry. [135820]
§ Miss Melanie JohnsonThe Government will extend credit unions' ability to borrow and enhance their supervision following the implementation of the Financial Services and Markets Act 2000. This will improve the growth potential of all credit unions, by giving their members greater confidence about the safety of their savings and allowing them to play a bigger role in tackling the problems of financial exclusion.