Credit Unions (Hansard, 10 December 2002)

§ Huw Irranca-Davies
To ask TheChancellor of the Exchequer what steps the Government is taking to encourage the development of credit unions and community banking; and whether the Government has set targets for the development of credit unions and community banking. [85762]

§ Ruth Kelly
The Government believes that the availability of financial products is essential to ensure access to wider mainstream services and is an important component in tackling social exclusion. There are a number of ways in which access to financial services can be improved and providers each have a different contribution to make. The Government has not set targets for growth in particular sectors—it is ultimately for consumers to decide which services are most appropriate for them.
The Government is involved in a number of initiatives to increase the accessibility of financial services at a local or community level.
We are in the process of delivering a programme of legislative and regulatory changes to help improve the operational flexibility of credit unions. Universal banking services, using the post office network, will build on and extend the accessibility of bank accounts to areas without bank branches or ATM machines. New Deal of Communities partnerships have developed or are planning projects to counter financial exclusion. These and similar projects typically involve co-operation between local government, local agencies, financial service providers or voluntary groups.

§ Huw Irranca-Davies
To ask the Chancellor of the Exchequer what the trends in growth of credit unions and the community banking sector have been since(a) 1997 and (b) 1992. [85800]

§ Ruth Kelly
Information on the trends in growth of credit unions is set out in the table. Comprehensive data covering the different developments and initiatives in the provision of banking services at local or community levels is not centrally available.

Credit Unions in Great Britain

Number of Credit Unions Number of members at end year Total assets (£000)

1992 383 88,007 32,489

1993 427 110,079 44,671

1994 475 138,582 60,742

1995 530 161,502 79,945

1996 550 190,825 100,348

1997 596 224,674 123,979

1998 630 255,596 147,940

1999 666 295,826 180,633

2000 687 325,058 214,977

Credit Unions in Great Britain
	Number of Credit Unions	Number of members at end year	Total assets (£000)
1992	383	88,007	32,489
1993	427	110,079	44,671
1994	475	138,582	60,742
1995	530	161,502	79,945
1996	550	190,825	100,348
1997	596	224,674	123,979
1998	630	255,596	147,940
1999	666	295,826	180,633
2000	687	325,058	214,977