Minister praises work of Credit Union

Minister for Social Development Mervyn Storey opened the newly refurbished Credit Union office in Cloughfern. Guests at the event included North Belfast MP Nigel Dodds, Mayor Thomas Hogg and Paula Bradley MLA. INNT 43-112-GR
Minister for Social Development Mervyn Storey opened the newly refurbished Credit Union office in Cloughfern. Guests at the event included North Belfast MP Nigel Dodds, Mayor Thomas Hogg and Paula Bradley MLA. INNT 43-112-GR
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Social Development Minister Mervyn Storey MLA has given the newly-refurbished Cloughfern Community Credit Union his support.

Speaking at the relaunch of the new-look premises, on International Credit Union Day, the minister announced that his department was taking forward a number of pilot projects with the Irish League of Credit Unions and the Ulster Federation of Credit Unions.

Mr Storey said: “My officials have now reached broad agreement with the Irish League of Credit Unions and the Ulster Federation of Credit Unions on a small number of pilots with large and small credit unions so as to improve access to services for people living on low incomes, and to look at how credit unions can contribute to improving financial inclusion for such claimants.

“The credit unions’ focus on encouraging saving and providing low-cost credit to consumers undoubtedly contributes to strengthening our communities and is work that the department is keen to support.

“Cloughfern Community Credit Union has played a key role in helping to develop a vibrant local community for almost 25 years and I have no doubt that it will continue to develop its services and seek new opportunities in these challenging times for the financial sector,” the Social Development Minister added.

David Dowey, chairman of the Ulster Federation of Credit Unions and Cloughfern Community Credit Union, said: “Cloughfern Community Credit Union has enjoyed considerable success in recent years with membership growing strongly and additional services being offered to our members on a regular basis.

“This is a very special day in the history of Cloughfern Community Credit Union and we are delighted that the new Minister for Social Development, Mervyn Storey, has been able to take time out from his busy schedule to be with us today.”

International Credit Union Day is organised by the World Council of Credit Unions and has been celebrated each October since 1948.

It is designed to honour the efforts of those in the credit union industry and to promote its achievements.

Today, credit unions exist in over 100 countries and serve more than 190 million members.