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Find out more about credit union idea

Manx community news

Manx community news

The Manx Credit Union Working Party will be asking members of the public to get behind plans for creating a credit union on the Isle of Man at an event the Strand Shopping Centre in Douglas tomorrow (Saturday).

The group will have a stand on the lower floor where they will be available to answer any questions about credit unions and they will also be asking people to complete an ‘expression of interest’ form to show there is demand for such a service.

Credit unions are non-profit member-owned community organisations typically offering savings accounts and small loans from pooled deposits. Interest rates are usually more favourable than other providers as there are no external shareholders to pay and any surplus is invested back into the credit union’s services.

Chairman of the Manx Credit Union Working Party, David Talbot, said: ‘Millions of people around the world are able to access credit unions and they benefit from affordable financial services and help with financial information in their local communities.

‘At the moment, in the Isle of Man, legislation and regulation prevents the establishment of a credit union and we need the Manx public to show their support to persuade the government to bring about the necessary changes to make this happen.’

Members of the working party will be on hand at the Strand Shopping Centre from 10am to 4pm.

 

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