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Deeside AM Carl Sargeant backs plan to help North Wales credit unions

A THREE-YEAR action plan to support credit unions in Wales has been backed by a Flintshire politician.

Alyn and Deeside AM Carl Sargeant has voiced support for the plan, entitled Raising the Profile: Meeting the Challenges, which aims to support the development of strong, sound and effective credit unions in Wales.

Mr Sargeant said: “During the current challenging economic climate, credit unions are becoming an increasingly important provider of accessible and affordable financial services.

“They also provide local residents with an alternative to the banks.”

The action plan identifies a number of key objectives on how credit unions can achieve long-term sustainability. Objectives include strengthening the governance of credit unions, increasing the number of credit union members and raising the profile of credit unions in Wales.

Mr Sargeant added: “Over the past 10 years, the credit union movement in Wales has come a long way.

“With the support of the Welsh Assembly Government, credit union membership has increased five-fold from 10,000 in 2000 to more than 50,000 by the end of 2009.”