Enterprise Minister Barry Gardinerhas set out proposals for updating Northern Ireland’s policy on Credit Unions and Industrial and Provident Societies.

Mr Gardiner said it was essential for such unions and societies to have a modern regulatory and policy framework which enables them to function without unnecessary hurdles.

“My Department has set out new proposals to develop a successful social economy sector and for the introduction of a new type of company - the Community Interest Company - to Northern Ireland," the Minister said.

"Today’s consultation document on Credit Unions and Industrial and Provident Societies is part of our commitment to develop a supportive and enabling regulatory environment which supports Northern Ireland’s social and economic development.”

The consultation period will run until 20 August 2004 and will involve dialogue with representative bodies, Credit Union and Industrial and Provident Society members, Government Departments and other interested bodies.

The comments and feedback from this first consultation will contribute to finalising new legislative proposals which will be issued for discussion later this year.

There are also currently 184 Credit unions in Northern Ireland with approximately 370,000 members with total assets in the region of £500 million.

(MB)