ST HELENS Credit Union Development Association held an awareness day at the Hardshaw Centre, and were bowled over by the interest shown by the public.

The event was so successful that on the day more than 100 people became new members of the credit unions within the borough while others expressed their interest.

Euro MP Terry Wynn, who attended the event, said: "Credit unions are a great way of developing the local economy, they are fully democratic, and give people an opportunity to have some control over their finances. Although not a new idea it is wonderful to see how they are growing here in St Helens. I wish them every success and welcome the development of local community initiatives."

Steve Little, Credit Union Development Officer for St Helens MBC said: "The day was a great success, it was wonderful to see the enthusiasm of credit union volunteers and the response from members of the public. Credit unions are set to boom within this borough with five already operating at Sutton, Thatto Heath, Parr, Newton-le-Willows and Moss Bank. Two more areas have set up 'steering groups' within Billinge and Seneley Green and Blackbrook.

"More and more people are beginning to realise the benefits offered by credit unions. Members of the association and myself are very busy responding to enquiries from within the borough. This is great news for community development."

Credit unions are non profit-making co-operatives, and offer very low interest loans. (By law they can charge no more than one per cent per month interest on the reducing balance of a loan.) They also offer free life savings and loan protection insurance for members. As credit unions cannot make a profit, dividends can be made to members at the end of the financial year.

In St Helens there are currently 1,500 members of credit unions and it is estimated that assets are more than £250,000.

FOR further information about credit unions within the borough contact Steve Little on (01744) 456304.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.