§ David WrightTo ask the Chancellor of the Exchequer how many credit unions are registered within the UK; and how many people are members. [62900]
§ Ruth KellyAt 31 December 2000 there were 861 credit unions registered within the UK, with around 642,500 members.
§ David WrightTo ask the Chancellor of the Exchequer if he will estimate the level of funds loaned in each of the last five years by credit unions in the UK. [62898]
§ Ruth KellyCredit unions reported loans outstanding for years ended in:
£ 2000 496,621,000 1999 441,410,000 1998 348,507,000 1997 326,919,000 1996 276,084,000 The collated data for 2001 were not yet available.
§ David WrightTo ask the Chancellor of the Exchequer what action is being taken by his Department to support credit union development in the UK. [62899]
§ Ruth KellyThe Government believe that credit unions have an important role to play to encourage the accumulation of savings, provide affordable credit and, through their unique position, help tackle financial exclusion. That is why we have been involved in a number of measures designed to help the movement develop and grow. In October 2001 we published a consultation document containing seven deregulatory proposals, to which we received a significant number of392W positive responses. We have now made a consequential amendments order under the Financial Services and Markets Act 2000 (FSMA) that will bring four of the seven proposals into force on 2 July 2002. We are currently drafting an order under the Regulatory Reform Act 2000 that should bring the remaining three proposals into force later this year. These measures will help credit unions offer their members a greater range of services and compete more effectively for deposits.
We also used FSMA to bring credit unions under the Financial Services Authority's rule making powers. From 2 July 2002 depositors with credit unions will be given a similar level of protection to that enjoyed by depositors with banks and building societies.