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02/12/2002
Credit Union legislation set to be modernised
NIO Trade Minister, Ian Pearson, has announced details of a major review to modernise the Northern Ireland legislation for Credit Unions and Industrial and Provident Societies.
Mr Pearson said that the legislation which dates from 1985 and before, needs to be modernised to reflect the economic outlook of savers and investors.
Mr Pearson said: "There have been major changes in Great Britain and the Republic of Ireland legislation and it is timely to carry out a review to ensure that our local legislation meets the needs of members and a modern Northern Ireland economy.
“The Credit Union movement is very important in Northern Ireland where it encourages small savers and provides financial services to many members of the community who are socially disadvantaged."
A report released two weeks ago by the General Consumer Council – ‘Short Changed - Financial Exclusion in Northern Ireland’ – highlighted the contribution of Credit Unions to society in north. In the report, it was found that one-in-four people did not have a bank account, and with a 10% reduction in the total of local bank branches, the impact of the Credit Union in the future would be crucial.
The government review of legislation will be undertaken by a dedicated review team from the Department of Enterprise Trade and Investment’s (DETI) Corporate Regulation Branch.
A consultative committee representing key stakeholders has also been formed to act as a forum for discussion and to inform and advise on the progress of the review.
The process will begin immediately with the first phase scheduled for completion in October 2003 when it is planned to issue a Consultation Paper setting out the Group’s proposals.
There are currently 187 credit unions in Northern Ireland with approximately 340,000 members who have in the region of over £430 million invested. And of the 167 Industrial & Provident Societies, there are now around 57,000 members with assets totalling almost £500 million.
(GMcG)
Mr Pearson said that the legislation which dates from 1985 and before, needs to be modernised to reflect the economic outlook of savers and investors.
Mr Pearson said: "There have been major changes in Great Britain and the Republic of Ireland legislation and it is timely to carry out a review to ensure that our local legislation meets the needs of members and a modern Northern Ireland economy.
“The Credit Union movement is very important in Northern Ireland where it encourages small savers and provides financial services to many members of the community who are socially disadvantaged."
A report released two weeks ago by the General Consumer Council – ‘Short Changed - Financial Exclusion in Northern Ireland’ – highlighted the contribution of Credit Unions to society in north. In the report, it was found that one-in-four people did not have a bank account, and with a 10% reduction in the total of local bank branches, the impact of the Credit Union in the future would be crucial.
The government review of legislation will be undertaken by a dedicated review team from the Department of Enterprise Trade and Investment’s (DETI) Corporate Regulation Branch.
A consultative committee representing key stakeholders has also been formed to act as a forum for discussion and to inform and advise on the progress of the review.
The process will begin immediately with the first phase scheduled for completion in October 2003 when it is planned to issue a Consultation Paper setting out the Group’s proposals.
There are currently 187 credit unions in Northern Ireland with approximately 340,000 members who have in the region of over £430 million invested. And of the 167 Industrial & Provident Societies, there are now around 57,000 members with assets totalling almost £500 million.
(GMcG)
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
