History was made as the island’s first credit union officially opened its doors to savers and borrowers.

Guest of honour to cut the ribbon at the Manx Credit Union’s base on North Quay, Douglas, was Colette Jacob, a retired health visitor who was the first to champion the idea back in the early 1990s.

She told those packed into Nadine House for the official opening: ’I’m delighted. It was such a disappointment to us 27 years ago when it failed.

’When I first heard about credit unions I was on a refresher course as a health visitor. At that time we had families who were really struggling and going to loan sharks and I thought something should be done about it.’

A Bill was brought to the House of Keys but it didn’t get any further than its second reading. ’But all things come to those who wait and the rest is history,’ she said.

Treasurer and vice chairman David Talbot said the Manx Credit Union was three and a half years in the planning - and there was still work to be done. ’We’ve got exciting plans we want to do here,’ he said. ’I feel quite certain this kind of venture is what the government is looking for and what the people of the Isle of Man are looking for.’

The facility actually opened in October when it invited those who had first shown an interest in joining over the last three and a half years to sign up. Since then, 160 people have become members with a further 100 waiting in the wings.

Some 25 people have put in the maximum £5,000 you can save under current legislation.

Mr Talbot said the business plan sees the credit union growing by about 50 customers a month and reaching a membership of 2,500 in three years’ time.

He said interest has come from right across the spectrum. ’We are looking for people who feel excluded at the moment from the present finance industry. The important thing is to get the right products people want. We are not going to be prescriptive.’

He said he hoped Tynwald will keep its promise to update the 1993 legislation in the next few months.

There is a £2 joining fee and a £3 administration fee each year. Members must keep at least £5 in their Membership Share Account at all times. All savings are protected through a trust under an arrangement approved by the Financial Services Authority.

Members and savers over 18 will be eligible to apply for a loan from next month. Loans of £50-5,000 will have a typical interest rate of 12.7 per cent APR. You can contact the Credit Union on 619459.