Members Matter Most in Manchester · The first independent co-operative society to take advantage of this is The Southern Co operative. Mark Smith, Chief Executive of The Southern

Members’ Newsletter Supported By:

Vol. 14 No. 3 December 2012

Learning from theMaine CU LeaguePage 11

Bristol Credit Union helps launch theBristol Pound Page 4

London Mutualintroduces payday loansPage 12

Members Matter Mostin Manchester See page 9

Credit Union News is published byAssociation of British Credit Unions Ltd,

Holyoake House, Hanover Street,Manchester M60 0AS.

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necessarily reflect the views of ABCUL.

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Welcome

Credit Union News / December 20122

EDITORIAL

The sixth co-operative principle of ‘co-operationamong co-operatives’ is being put further intoaction by The Co-operative Credit Union, which hasnow been able to extend membership toemployees of other co-operative organisations. I’mparticularly pleasedthat this has allowedit to bring ABCUL backinto the fold, whichmeans that all ourstaff can now benefitfrom saving throughpayroll deduction tothe credit union. Thisis something we hopemany more employeeswill be able to do overthe coming monthsand years, as newpartnerships takeeffect.

The sixth principletalks about co-operation through international aswell as local and national networks. As a memberof the World Council of Credit Unions, we verymuch appreciate the knowledge and skills we gainfrom colleagues around the world, and thegenerosity with which it is given. This wasparticularly the case when I visited the MaineCredit Union League in the United States to learnmore about their central business model, and usesome of the learning from their 40 years ofexperience to assist with the development of ourShared Business Model in Britain.

Credit unions have always adapted and changedto meet the needs of their members – as can beseen from the loans Transport Credit Union hasgiven to members to pursue their businessinterests, and London Mutual Credit Union to helpsteer members away from expensive payday loans.Credit unions will continue to do this as theymodernise their approach, but we all need to knowabout the roots of our movement and the pioneerswho brought it to Britain, even though the sector islittle over 50 years old.

That is why we should all be grateful to MartinLogan and his colleagues at the ABCUL Greater

Manchester Chapter who have worked so hard todocument the beginnings of the credit unionmovement. After a successful launch forInternational Credit Union Day, at the People’sHistory Museum in Manchester, the portable

exhibition will be indemand at creditunion events aroundthe country and is wellworth a visit.

As we work togetherto provide moreproducts to morepeople, with theassistance of thelegislative changes andthe Credit UnionExpansion Project, it isworth rememberingthat we are followingin the footsteps ofmany people who have

recognised need and responded to it. As societychanges, so must credit unions – in order to remainrelevant to the changing needs of the people in ourcommunities and workplaces.

Innovation andexpansionTHIS EDITION of Credit Union News reveals some of the early innovation thatis being introduced to the sector because of the relaxation of legislation atthe beginning of 2012. Slowly but surely, credit unions are expanding theircommon bonds to bring new people into membership and opening upservices to businesses, social enterprises and community groups. This isparticularly evident in Bristol, where the credit union is the hub of a new‘currency’ for the city, encouraging local people to use local businesses andgetting money circulating in the community.

Mark Lyonette,Chief Executive, ABCUL.

As a member of the World Council of

Credit Unions, we verymuch appreciate the

knowledge and skills wegain from colleagues

around the world.

‘‘

’’

Credit Union News / December 2012 3

NEWS

Peter Marks signed up as a member ofthe Co-operative Credit Union to showhis support for credit unions in theInternational Year of Co-operatives. PeterMarks said: “Co-operatives and creditunions are a reminder to theinternational community that it ispossible to pursue both economicviability and social responsibility.”

The Co-operative Credit Union hasbeen in existence since 1998, providingsavings and loans to Co-operative Groupand Co-operative Banking Groupemployees. The credit union couldoriginally also offer services to otheremployees based in the Manchester Co-operative complex, including ABCUL,but this had to change when the creditunion extended its common bond tocover Co-operative Group employeesacross the country. However, followingthe changes to credit union legislation,membership has now been opened up to

a number of independent retail co-operative societies and otherorganisations including ABCUL.

The first independent co-operativesociety to take advantage of this is TheSouthern Co operative. Mark Smith, ChiefExecutive of The Southern Co-operative,said: “I am delighted that we have beenable to form a partnership with ourfellow co-operators in the Co-operativeCredit Union. The partnership will giveour colleagues and their immediatefamilies new savings options as well as asafe, friendly and affordable way toborrow.”

Staff at ABCUL who hadn’t joined thecredit union when they were part of thecommon bond are pleased that they cannow benefit from the payroll agreementthat the Association has had in placesince 1998.

ABCUL Policy and CommunicationsOfficer Matt Bland was one of the first

to join the credit union when it changedits rules. He said: “It’s great to see themore flexible common bondarrangements working in practice. I canfinally use the payroll deduction facilitywith the credit union that is based justdown the road.”

The Co-operative Credit Union hasexperienced significant growth over thelast 12 months, with its membershipbase increasing by over 25%. Savingsbalances with the credit union have nowtopped £2.3 million, and the amount onloan has reached £2.2 million.

www.co-operativecreditunion.coop

Peter Marks joins the Co-operative Credit UnionTHE CO-OPERATIVE Credit Union recently welcomed PeterMarks, Chief Executive of the Co-operative Group, as its 5,000th member.

LONDON COMMUNITY CreditUnion has launched a new project,with funding from Barclays, topromote the work of the creditunion and encourage moneymanagement skills through anetwork of trained community andworkplace advocates.

The Credit Champions project is being run byLondon Community Credit Union (LCCU) in andaround the borough of Tower Hamlets, inpartnership with the Bromley by Bow Centre.Community and Workplace Champions arebeing recruited, trained and supported toundertake a range of outreach activities. Inaddition, an accompanying ‘Pop-up Bank’ tour ofcommunity and workplace venues will provideregistration services for credit union accounts,distribute seasonal saving campaign materialsand promote money management skills.

Colin Eddy, Chief Executive of LCCU, said:“The Credit Champions project provides anexcellent opportunity to work proactively withlocal communities, business and workplaces tospread the message and benefits of credit unionmembership, and we are delighted to be hosting it.”

Community Champions will be involved incommunity outreach work, with theopportunity to gain in-branch work experienceat the credit union. They will also have theopportunity to work towards a qualification.

Shuhena Sadia, the first trained CommunityCredit Champion, said: "This volunteeringopportunity is perfect for me. I wanted to workwith people and money because I would like towork in debt advice. This gives me a chance tobuild up my experience and help a cause I reallybelieve in."

Workplace Champions will be supported topromote LCCU within the workplace andencourage payroll deduction agreementswhere appropriate. Anybody within theworkplace can be a Champion, and Workplace

Champions will be provided with training andsupport materials to help them spread theword about the credit union. Champions willbe supported by the project co-ordinator toundertake appropriate outreach in theworkplace and this can range from supplyingleaflets to organising workplace events.

As well as promoting the credit union, theWorkplace Champions scheme aims to increaseuptake for those employers with existingpayroll deduction schemes, expand payrolldeduction to new employers and develop linkswith local employers.

Danielle Paffard, Credit Champions Co-ordinator at LCCU, said: “Through greateraccess to appropriate products andencouragement to save and develop moneymanagement skills, LCCU can support greaterfinancial wellbeing for employees and helpreduce their financial stress.

“As well as helping to promote our services,we hope the experience of working as anadvocate for, and engaging with, the creditunion will be a rewarding experience forChampions, as well as an opportunity todevelop new skills.”

www.londoncu.co.uk

Pictured from leftto right are DavidDickman, Chair ofthe Co-operativeCredit Union(CCU), PeterMarks, ChiefExecutive of the Co-operativeGroup, GrahamSouthall, Secretaryof CCU and SimonCarolan, BusinessManager of CCU.

Credit Champions to promoteLondon Community Credit Union

The Bristol Pound is the first localcurrency to be implemented across amajor UK city and supported by afinancial institution – Bristol CreditUnion. The Bristol Pound is a securelocal currency designed to supportBristol’s independent businesses,strengthening the local economy,keeping high streets diverse andhelping build a strong community.

The Bristol Pound is run by a not-for-profit partnership between BristolPound Community Interest Company(CIC) and Bristol Credit Union. BristolPound CIC is a company establishedwith specific social goals and with theassets of the company ‘locked in’ tocommunity control. It is governed as a

stakeholder co-operative, givingBristol Pound account holders a say inthe development of the company andrepresentation on the board.

Complementary currency

The Bristol Pound is acomplementary currency that can beused alone or alongside sterling.Business accounts are available totraders that are independently ownedand based in or around Bristol andanyone will be able to pay with oraccept printed Bristol Pounds as theywill be in free circulation. Of course,as Bristol Pounds are not legal tender,the decision to accept Bristol Poundsis entirely voluntary.

All Bristol Pound account holdersbecome members of Bristol CreditUnion and early adopters of thecurrency enjoyed a bonus of anadditional 5% when exchanging theirsterling. As there is a pound held withBristol Credit Union for every BristolPound in circulation, the scheme ishelping to bring money and membersinto the credit union.

The Pound was launched inSeptember, following three years ofplanning and collaboration with localenterprises, community groups andlocal government. More than 300local shops and other businesses,from butchers and bakers to lawfirms and plumbers, have alreadycommitted to signing up to acceptthe Bristol Pound.

125,000 in printed Bristol Pound

4

Highland MP, ChiefSecretary to theTreasury DannyAlexander, metmembers of theBristol Poundteam, as well asJames Berry, ChiefExecutive of Bristol Credit Union, whenhe was in Bristol on a political visit,supporting the Mayoral Campaign ofLiberal Democrat Jon Rogers, the dayafter the Bristol Pound was launched.

Danny Alexander said: “The BristolPound is an ambitious scheme that Ihope will achieve its aim to make apositive impact on support forindependent shops, the local economyand Bristol’s Credit Union.

“It was inspiring to talk to localbusinesses that accept the BristolPound and to learn more about theinnovative mobile phone paymenttechnology that makes using theBristol Pound easy and straightforward.

“I wish it every success for thefuture, and as a member of my localcredit union, Hi-Scot, I am a strongsupporter of the work of credit unionsaround the country.”

BRISTOL CREDITUnion has been at

the forefront of thedevelopment of theBristol Pound, a new

local currency forthe city of Bristol

and one of thelargest schemes of

its kind in thecountry.

Bristol Credit Union helpslaunch the Bristol Pound


Ministerwelcomes theBristol Pound

A local currency can take many forms, but essentially it is moneythat is used across a particular locality or region. Spending thecurrency in the target area boosts local economic activity byretaining money in that area and encouraging spending rather thansaving. This encourages and strengthens economic ties between thepeople of the area and local traders.

The creation of a localised money supply helps wealth created inan area stay there. Local money spent by citizens or traders remainslocal and available to be spent repeatedly within the local economy,creating a multiplier effect, rather than being lost to shareholderpayouts, big international businesses and the banking industry.

A local currency can help deepen and diversify connectionsbetween local business people andwith all the citizens of a region – animportant part of building asustainable regional economy andproviding high quality employment.

What is a local currency?

Essential Trading, aBristol based workers’co-operative that

supplies organic and Fairtrade food to independentretailers across Europe, were keen to support theBristol Pound as it fits nicely with their business ethos.

“Bristol Pound approached us about getting involvedafter a number of our customers had asked us if wewould be using the currency,” said Richard Crook fromEssential Trading.

Essential Trading supplies many independentretailers in Bristol and is keen to support themwherever possible. It also operates a retail outlet in thebusy Gloucester Road area of the city, a hub forindependent businesses.

“We are enthusiastic about the scheme because itsupports local independent retailers and boosts thelocal economy, which sits well with our co-operative’smission," added Richard.

Before getting involved in the scheme, EssentialTrading had a meeting with Ciaran Mundy, Director ofthe Bristol Pound, who addressed any initial concerns

the co-operative had – suchas is the scheme safe andare there any risks involved.As a wholesaler, EssentialTrading had a specificconcern about their localcustomers paying with thecurrency and then EssentialTrading ending up with lotsof it, but with nowhere to spend it. The fact that thecouncil had agreed to take the Bristol Pound forbusiness rate payments was an important factor inhelping persuade them to go ahead with the scheme.

In future, Essential Trading are hoping that like-minded people within their organisation who supportthe scheme might be happy to accept a proportiontheir wages as Bristol Pounds but, as it is a voluntaryscheme, it would always be up to the individualsthemselves to decide. Essential Trading also welcomethe ability to make secure payments using a mobilephone, rather than always having to use notes.

www.essential-trading.coop

notes have been made availableinitially, exchangeable at the rate ofone Bristol Pound to one poundsterling at retail distribution pointsacross the city. As well as a paperpound note, the currency alsofeatures an electronic paymentssystem, enabling Bristol shoppers topay traders using their mobilephones on the high street and atlocal markets.

There is a long history of placeshaving their own currencies and itwas very common in this countryuntil the centralisation of thebanking industry. More recently,many places around the world,including in the UK, have launchedlocal currencies using a variety ofmodels. Examples include Brixton,Totnes, Lewes and Stroud. TheBristol Pound is different however.Firstly in terms of scale, potentiallyinvolving a million or more peoplefrom the region, secondly in usinginnovative low cost but high speedmobile phone payment technologyand thirdly in its partnershiparrangement with an establishedcredit union.

Historic occasion

Ciaran Mundy, Director of theBristol Pound, said: “This is a trulyhistoric occasion for the city ofBristol. Residents and traders with aBS postcode are able to apply for anaccount with Bristol Credit Union,allowing them to exchange sterling

for the same number of BristolPounds via conventional banktransfer or salary payments. Theycan now start spending the newlycreated paper pounds withhundreds, and in time, thousands, ofbusinesses that benefit from joiningthe scheme. Shoppers will also beable to use a fast secure mobilephone payment system, a first for alocal currency on this scale.

“As more and more shoppers andbusinesses spend the Bristol Pound,it will keep more of people’s hardearned wages in our communitiesto be spent again. People in Bristolwho love the range of independenttraders will be putting their moneywhere it matters and reducing theneed for lorries constantly movinggoods up and down the country.The scheme is also a powerful wayto promote local businesses tradingwith each other.”

It is anticipated that 1,000businesses in Bristol will haveagreed to accept the currency bythe end of the first year and thatthe value of Bristol Pounds incirculation will exceed 500,000 bynext autumn.

Council participation

The city council are alsoparticipating in the scheme, withbusinesses accepting the BristolPound able to pay their rates in thelocal currency.

Councillor Guy Poultney, CabinetMember for Communities at BristolCity Council, said: “Bristol has asuccessful independent retail sectorand thriving high streets which wewant to support and grow. TheBristol Pound will provide a realboost to the city’s independentbusinesses and traders. Encouragingpeople to shop and do theirbusiness locally will support thelocal economy and create widerbenefits such as safeguarding localemployment and reducing the needto travel.

“We have been keen to supportthe Bristol Pound by allowingbusiness rate and contractpayments to be madeelectronically in Bristol Pounds viathe Bristol Credit Union. Councilstaff will also be able to have someof their monthly salary transferredinto a Bristol Pound account withthe credit union. In practical terms,

we have also provided theorganisers with free office spacesince February.

“We look forward to seeing theBristol Pound’s progress acrossneighbourhoods and high streetsthroughout the city.”

www.bristolpound.org

5Credit Union News / December 2012

What the traders say

Ciaran Mundy.

FEATURE

Bristol CreditUnion ismanaging allBristol Pound accounts andpayment services, providingexpertise and security for BristolPound deposits. In return, theBristol Pound is helping to raiseawareness of the credit unionaround the city and attract moremembers into the credit union.Every Bristol Pound in circulationis a pound that is helping tostrengthen the credit union.

The values of the credit unionare closely aligned with thevalues of the Bristol Pound andJames Berry, Bristol Credit UnionChief Executive, has played asignificant role in helping to getthe scheme up and running.

As all Bristol Pound accountsare held with Bristol Credit Union,account holders also need to bemembers of Bristol Credit Union,which is bringing new people andlocal businesses into credit unionmembership for the first time.

In addition, the credit union isworking to ensure that lessadvantaged people in the areahave access to this new financialservice and a stake in itsdevelopment.

www.bristolcreditunion.org

The role ofBristol CreditUnion

One of the latest employers to workwith the credit union is the WorkersEducation Association (WEA), the UK’slargest voluntary sector provider of adulteducation. The WEA sees the services ofthe credit union to be a significantemployee benefit to its staff.

WEA Payroll Manager Deb Chamberssaid: “Offering the option of credit unionmembership to our staff is a logical stepfor the WEA as a responsible employer,particularly in these financially difficulttimes. This, along with the fact thatcredit unions are ‘not for profit’ schemes,fits in with our own ethos, and thesimple administrative process andfinancial assurances underpinning creditunions mean that it was an easydecision for us to make. We look forwardto introducing this membership as anadditional benefit we can offer to ourstaff from early 2013.”

The credit union is currently at thefinal stage of organising a similar dealfor the 22,000 employees of a French

owned private business operatingthroughout the UK, as well as a numberof major social housing providers.

Credit union manager MartinGroombridge said: "Key to being able tooffer services to working people is to beable to offer a quality service tomembers. We are able to offer low cost,fast and responsive services to peoplewherever they are. With telephone andinternet access our members need nevervisit our office.

“In the past many employers withstaff spread over wide geographicalareas have been unwilling to allow us toprovide payroll deduction savingsscheme unless we could offer it to allemployees. The Legislative Reform Orderallows us to offer payroll deductionsavings facilities for many more peopleand attract a broad range of members.The more people we can get to put alittle money away for a 'rainy day' thefewer people will face financial crisis.”

www.credit-union.coop


NEWS

NOW THAT legal changes have allowed credit unions to reach out to new groups, London Capital Credit Union isone of a number of credit unions to take advantage of the opportunity to offer their services to employers withstaff based across Britain.

MEMBERS OF The ABCUL London and South East Chapter celebrated International Credit UnionDay at the Methodist Central Hall in Westminster with key speakers from the All PartyParliamentary Group on Credit Unions.

Politicians support credit unions forInternational Credit Union Day

Delegates from 25 credit unionsheard presentations from Chair of theGroup, Damian Hinds MP, along withVice Chairs Simon Hughes MP andLabour Peer Lord Kennedy ofSouthwark.

Deputy Leader of the LiberalDemocrats Simon Hughes tolddelegates of the wide support from allpolitical parties for the developmentof the sector and said: “Your sector isnow under increased pressure to offera more professional financial service toincreasing numbers of people whowant greater choices in who looks

after their money – you are one oftheir potential choices.” He alsothanked credit unions for all the workthey do to support his constituentsand the people of the UK.

Damian Hinds reaffirmed thesupport given to the sector bypoliticians because, he said: “Yourfinancial services are very different;you encourage your members to saveand place an emphasis on improvingtheir financial circumstances. Themodern credit union must improve theskill base, have a wider spread ofmembership and look to have a better

balance of savings against borrowing.” He added: “The time is right for the

credit union movement and you arenow on the move.”

Lord Kennedy of Southwark spoke ofhis pride for London Mutual CreditUnion (formerly Southwark CreditUnion) and of how he has seen creditunions make a real difference inpeople’s lives. He reiterated the crossparty support for the sector and tolddelegates how politicians from allparties were looking to credit unionsto support people in the transition toUniversal Credit.

Credit union takes on the WEA nationwide


NEWS

Attended by 300 members,representatives of partner organisationsand city dignitaries, the event recalledthe origins of the credit union in one ofthe poorest parts of the city andreflected on its transformation into anexpanding financial institution nowserving 10,000 members throughoutthe city.

One of the highlights of the eveningwas the presentation of Pioneer Awardsto three of the original volunteers fromthe credit unions which now make upManchester Credit Union.

Rose Askew joined Hattersley CreditUnion just after it had formed in 1988.She had just retired from working in theaccounts department of GreatUniversal Stores in Manchester and wasinvited to help out at the credit union,as it needed someone who understoodaccounts.

Manchester Credit Union’s ChiefExecutive Christine Moore explains that“Rose’s ‘helping out’ turned into over 20years of serving Hattersley CreditUnion, then Money Spinner CreditUnion, as treasurer and/or boardmember. Rose was one of the keyindividuals in the Hattersley

community who created thefoundations on which ManchesterCredit Union is now built.“

June Smith has been a long timecredit union pioneer, volunteer andactivist. She was a key part of theteams that set up Ashton West EndCredit Union and Dukinfield CreditUnion and later went on to be aninspirational manager of Money SpinnerCredit Union, turning it into a dynamicand professional organisation. June wasmanager at CUTE, the credit union forTameside Council employees, a Youth &Community Worker, Probation Assistantand mother of two sons, all during thissame period of 1990s to 2000s.

Christine said: “June excelled atnurturing and developing credit unionvolunteers, and showed just how muchcould be achieved with a committedvolunteer workforce.

“As a new manager at EastManchester Credit Union, June was aninvaluable friend, mentor and source ofinspiration to me personally, juststarting out in a much smaller and lessdeveloped credit union.”

Retired astrophysicist Nora Daviesbecame a volunteer with Beswick and

Openshaw Credit Union (BOCU) whenher commitment to combating povertybrought her to Openshaw from leafyWilmslow. In 1996 it was Nora whodrafted the first "business plan" for theexpansion of BOCU – handwritten ontwo sheets of A4 – which she took intothe Resource Procurement unit at theTown Hall to ask for £30,000 of SingleRegeneration Budget (SRB) funding. Bythe end of the meeting, she had beenpromised £60,000, enabling BOCU toopen its first shop and to employ first aNew Deal trainee, and then a manager.

Nora helped several other creditunions to obtain funding from the JohnGrant Davies trust – named for Nora'slate husband who worked with SirBernard Lovell at Jodrell Bank.

Nora stayed on the Board until illhealth forced her to retire in 2007.Chair of Manchester Credit Union TimPresswood said: “It is fair to say thatwithout Nora Davies there would notbe a Manchester Credit Union today.”

The awards were presented by theLeader of Manchester City Council, CllrRichard Leese.

www.manchestercreditunion.co.uk

Nora Davies

Rose Askew

June Smith

Manchester Credit Union celebratespioneers as it comes of age ON INTERNATIONAL Credit Union Day 2012, Manchester Credit Union marked 21 years ofservice to its members with a celebration in Manchester Town Hall.


NEWS

The first social enterprise in Suffolk to open an accountwas Phoenix Rising, which works with people who havelearning and other disabilities to help them make themost of their opportunities.

The directors of Phoenix Rising, Ria and Adrian(pictured), were keen to take advantage of credit unionmembership and liked the idea that their money wouldbe put to a social use while on deposit at ISCU, as well asbeing available for them to use when required.

Ria said she liked the idea of leaving a bank businessaccount behind and using ISCU as a fellow socialenterprise with an ethical approach.

Of particular interest to Phoenix Rising was the

prepaid Visa Debit card, which is a useful way for abusiness to keep track of its spending. It is also a cardthey will be recommending to other people as a goodway to budget and manage money.

Ria said: “We wanted to open an account at ISCU when Phoenix Rising first started, but at the time the law didn’t allow us to. At last the law has caught up withour wishes!”

Sally Chicken, Operations Director at ISCU, added: “Weare delighted to welcome Phoenix Rising to ISCU, and welook forward to many years’ working together to supportour mutual goals.”

www.iscu.org.uk

Alyson Stewart and Terence Jackson, whoare both ambulance workers, received loansfrom The Transport Credit Union to carry outwork on their holiday accommodation in theHighlands of Scotland.

Paramedic Alyson, who had several loansover a couple of years, said: “The loans helpedus to extend our B&B, allowing us to build abigger kitchen and expand from four roomsto six. Although I’d had bank loans in thepast, I didn’t hesitate to contact the creditunion as I had been with them for a longwhile and had total faith in them.”

Alyson had saved with The Transport CreditUnion for many years before getting theloans and was delighted with the help shereceived. “Everything was verystraightforward and the loans were explainedclearly, in layman’s terms.”

Alyson has also recommended the creditunion to many of her colleagues, includingTerence Jackson, who received a £10,000

loan to complete the work on his holidaycottage after his original lender refused himany more money.

Terence said: “I needed additional fundingto finish the cottage I was building, but themortgage company that provided myoriginal loan wouldn’t let me have a top up.It was at the time of the credit crunch andthe banks were suddenly tightening theirlending criteria.

“I was already saving with the credit unionand when I contacted them for a loan theywere happy to help. As you would expect, I

had to put forward my business case andprovide the credit union with plans, photosand other information – it was handled very professionally.”

John Mackin of Transport Credit Unionsays: “We are keen to develop the range ofservices we offer and loans such as thoseprovided to Alyson and Terence are helping tocreate employment and incomeopportunities for our members and theirlocal communities.”

The Transport Credit Union is based inGlasgow and has been serving membersacross Britain for over 30 years. It has over13,000 members and serves the publictransport and road haulage industries as wellas the ambulance service.

www.transportcu.co.uk

www.cuil-na-sithebandb.co.uk

www.hoseasons.co.uk/cottages/stob-ban-view-s4582

FOLLOWING THE legislation changes in January, Ipswich and Suffolk Credit Union (ISCU) has opened upmembership to social enterprises, voluntary groups, charities and small businesses.

ISCU opens up membershipto local businesses

THE TRANSPORT Credit Union has provided loans to a number of its members to help them develop orexpand their own business.

Credit union helps membersdevelop their businesses

Directors of PhoenixRising, Ria and Adrian

with Sally Chicken(centre), opening their

social enterprise accountat Ipswich and Suffolk

Credit Union.

The view from Cuil Na Sithe.

Cuil Na Sithe (Corner of Heaven) Bed and Breakfast.


FEATURE

The event, held to markInternational Credit Union Day, wasthe culmination of years of work byVoyager Alliance Credit Union DirectorMartin Logan, and colleagues from theABCUL Greater Manchester Chapter ofCredit Unions.

Credit unions from across theNorth West of England and beyondset up stall at the event, which wasopened by the Lord Mayor ofManchester, Councillor Elaine Boyes, a long standing member ofManchester Credit Union. The Mayorsof Rochdale, Stockport, Trafford,Wigan and Bolton also showed theirsupport by attending.

Martin’s research into the history ofcredit unions has seen him travel tomeet many of the pioneers in themovement, and make links withpeople around the world who wereinstrumental in the development ofthe movement. After a speech fromABCUL President Sharon Angus-Crawshaw, Martin Logan gave awhistle stop tour of credit unionsthrough the years, accompanied bysome of the many photos and articlesin his collection.

Speaking at the event, ABCULPresident Sharon Angus-Crawshawsaid: “It is wonderful to see so manypeople here today, and to see thefruits of the hard work of the GreaterManchester Chapter in pulling thisevent together. The fact that we are

here sums up to me the differencebetween credit unions and other partsof the financial services sector.

“I cannot imagine people giving uptheir Saturday, never mind the monthsit has taken to organise the event – orthe years it has taken Martin to pulltogether his credit union chronicles –if it was the banking sector we werehere to celebrate. But the credit unionsector is about people, and peoplehelping people.”

The exhibition has been designed onpop up stands so that it can beborrowed for other events and ABCULalready has its booking in for nextyear’s Annual Conference and AGM.

The 19 display boards documentthe credit union movement from thefounding fathers in Germany andNorth America, through the expansionof the movement around the world,to the Caribbean, Ireland andAustralia. They tell the story of thepioneers of the British movement, inLondon and Scotland, and the fightfor legislation for the movementthroughout the 1970s, which came tofruition with the Credit Unions Act of1979. Banners chronicling the eventsof credit unions around the worldduring the past few decades were also on display, kindly shipped overfor the event by the World Council ofCredit Unions.

Martin Logan told Credit UnionNews: “This event wouldn’t have been

possible without all the hard workfrom the members of the GreaterManchester Chapter – probably thebest chapter in the world! We alsoreceived generous donations from City South Housing, the North WestCo-operative Region, the YorkshireChapter of Credit Unions andCommsave Credit Union, whichtravelled from Northampton to bewith us on the day.

“I’ve had the credit union bug sinceI first walked into the Sundrive CreditUnion in Dublin. When I moved toManchester in 1975, I sent a postalorder to my mum each week so shecould repay my loan. I tried to set up acredit union in the 1970s, but as I’donly recently moved to the area, Ididn’t have the networks. So it was afew years later when I worked withcolleagues at Greater ManchesterBuses to get a credit union off theground. I was inspired in this by Rose Dorman, one of the great creditunion pioneers in Britain and still sadly missed.”

MAYORS FROM eight Greater Manchester boroughs were among the guests at the launch of a new exhibitionon credit union history at the People’s History Museum in Manchester on Saturday 20 October.

Members Matter Most in Manchester ABCUL President Sharon Angus-Crawshaw (centre) with the Mayors.

Martin Logan.


James said: “Arriving earlier than most of the delegates, I tagged alongwith the WOCCU Young Credit Union People (WYCUP) programme for aday of ice breaking. This is the first time I had realised how much of atruly international movement ours is. I looked around and saw delegatesfrom all over the world: the US, the Caribbean, Canada, Ireland, Brazil,Afghanistan, Malawi, Kenya, Australia… and more! I have to say that I wastruly humbled to be sitting alongside this group of people – the futureleaders of our movement.”

One of the highlights of the conference for James was meeting MahirMomand, Chief Executive of the IIFC Group, the national association ofcredit unions in Afghanistan.

James explained: “Many people in Afghanistan are struggling financiallyand socially, so credit unions are helping them get back on their feet byfollowing full Sharia Law banking methods. The way they operate isrevolutionary, as loans are not allowed within Sharia law, so credit unionswill buy the product the member requires and sell it back to them at ahigher price, thus generating profit for the members. Mahir tells ofstruggling times in his native country, but I have never seen anotherhuman being smile as much as this man. He loves what he does and isproud of his credit union heritage.”

Following a suggestion from James, ABCUL is looking into thefeasibility of an Under 35s Network that would host its own eventsseparately and alongside existing ABCUL conferences as well as providinga separate online space for discussion, information sharing and planning.Before we go further, we need to know what level of interest there is inthis so, if you are under 35, please visithttps://s.zoomerang.com/s/ABCULUnder35sNetwork to let us knowyour thoughts, and/or encourage any younger staff or volunteers to dothe same.

FEATURE

JAMES MARSHALL, the Marketing Manager from Plane Saver Credit Union, was inspired by his experience at theWorld Credit Union Conference in Gdansk earlier this year. He now wants to help set up an Under 35s Network forcredit union volunteers and staff from ABCUL credit unions.

Project Director

Competitive Salary

The Association of British Credit Unions, along with its newly formedsubsidiary company, Cornerstone Mutual Services is seeking to hire aProject Director to oversee their Shared Business Model project.

The project will see the collaboration of several credit unionbusinesses, plan, design and implement products and services for theirmembers. Having created a shared vision of collaboration amongst itsmembers, the Association needs you to capture a joined up approachfor members’ products and services enabling better quality, higheconomies of scale and a generic approach for our end users.

Are you someone that can demonstrate strong leadership skills anddelivering results within a complex, multi streamed project? Thenplease contact [email protected] with your CV,stating your current salary details. ABCUL head office is based inManchester but we will consider flexible arrangements for beinglocated elsewhere within Britain. Experience within the FinancialServices industry is preferred.

Calling all Talented Leaders

The Association of British Credit Unions, along with its newly formedsubsidiary company, Cornerstone Mutual Services is wanting to attract alltalented leaders within our sector and those external but aware of oursector to be part of the credit unions’ new journey in working towards aShared Business Model approach to services and products.

Can you see yourself influencing and working together with creditunions to design and implement products and services that produce higheconomies of scale, effective and efficient processes and a bettercustomer experience for anyone using credit unions? If you are and youwant a new challenge/development in your career then we want to hearfrom you.

The Shared Business Model project presents new opportunities for theright people. Vacancies vary in part time to full time, employee toseconded contractors. There is flexibility for those wanting to work out ofthe head office in Manchester to home based positions.

Interested? Then send your details and your experiences to date ofmaking a difference to: [email protected].

Gdansk inspiration for under 35s

WYCUP networking session at World Credit Union Conference 2012 in Gdansk.


FEATURE

Mark Lyonette visited the UnitedStates to learn how a central businessmodel developed for credit unions inMaine could be adapted for the Britishcredit union system. Synergent, thecredit union owned subsidiary of theMaine Credit Union League, hasmanaged a successful model for over40 years, providing efficiency, flexibilityand innovation for credit unions.

Originally called the Maine CreditUnion League Services Corporation,Synergent was founded to providecredit unions with greater conveniencethrough a form ordering service. Withina few years, it had established a dataprocessing centre to meet the creditunions' growing needs. Today,Synergent provides ATM debit cards,shared branching and direct marketingservices for credit unions. Synergent'songoing operations also include writingcustom code in response to creditunions' requests for tailored productsand services.

Synergent, a credit union serviceorganisation, generates US$27 millionin revenue and US$10 million in dataprocessing annually. Its products andservices reach over half a millionmembers in northern New England,New York and southern Connecticut.The company charges credit unions permember rather than per transactionand longer contract terms lower theper member fee.

The credit union owners ofSynergent play a key role in thedevelopment of Synergent’s systemsand Gary Glenn, Synergent Senior VicePresident, explained that credit unionshelped Synergent find the right dataprocessing system.

Gary said: “It was important that thesearch committee include the creditunions. They will look at it from theoperational point of view: will it allowthem to give their members theservices that they want? It is notabout what software best fits thehardware that we already have or thatwe are already familiar with. Have theoperations people, for example, loanofficers and not just technologypeople, reviewed the system?”

John Murphy, President/CEO of theMaine Credit Union League andSynergent, added that of criticalimportance for Synergent was not onlythe accuracy and reliability of thesystem, but its flexibility too. The systemhad to have the ability to connect with anumber of credit unions and to interfacewith different alternatives for service,including software from third partyvendors for account opening, loanprocessing, mortgage services andmobile banking. Known as ‘third partyadd-ons’, these products allow smallcredit unions to offer the same range as

larger credit unions and Synergent offerscredit unions two or three alternatives,rather than trying to force them all toaccept one product.

One of the reasons credit unions likethe system is that it reduces thenumber of third party service providersthat they have to deal with. They canoffer a wide array of products, but theyhave Synergent to handle the thirdparty providers for them. However, if acredit union wants to use anotherproduct instead and is willing to paythe cost of building the interface,Synergent will add that product.

Mark Lyonette’s visit was organisedby World Council of Credit Unions(WOCCU) and World Council Presidentand CEO Brian Branch, who joined Markon the visit, said: “Much of the successof the Maine model has to do withSynergent's flexibility in managing thethird party add-on services. So manycentralised systems struggle with thetradeoff between the efficiency ofenforced systems versus theentrepreneurship and innovation oflocal community response decisions.”

Mark said he had learnt a lot fromhis visit. “I was particularly struck bythe way in which Synergent, a largeand well established company, still hasits credit union owners at the heart ofhow it plans its systems and productsover forty years after it started out.Credit unions are of course at thecentre of our planning for a sharedbusiness model in Britain, because it isessential that anything we create isdesigned by and with the credit unionsthat will be using it.”

www.mainecul.org

www.synergentcorp.com

www.woccu.org

Learning from the Maine CU LeagueABCUL HAS linked up with the Maine Credit Union League to benefit from their significant experience managing asuccessful central business model.

Pictured from leftto right are JohnMurphy, MaineCredit UnionLeague andSynergentPresident/CEO,Brian Branch,World CouncilPresident and CEO,Mark Lyonette andGary Glenn,Synergent SeniorVice President.

DURING HIS visit, MarkLyonette met withexecutives from EvergreenCredit Union in Portland andAtlantic Regional FederalCredit Union in Brunswick.

Atlantic Regional began usingSynergent's services in 1982 and hassince grown to 18,300 members andUS$250 million in assets.President/CEO Roger Sirois explainedhow shared branching has helped thecredit union reduce expenses bybeing able to keep its branch officesclosed on Saturdays when memberscan access services through othercredit unions in the network.

Roger Sirois also emphasised theimportance of the core processingsystem's flexibility, which he saiddrove credit union innovation andallowed small credit unions to offeran array of products on a par withlarger financial institutions. He saidthat 2011 was the first time walk-intraffic at Atlantic Regional CreditUnion was less than its web traffic.

What the creditunions sayabout Synergent

FEATURE


LONDON MUTUAL Credit Union has introduced its ownversion of a payday loan to help keep those people who needa small amount of cash to see them through to their next payday out of the arms of high interest payday loan companies.

London Mutual introducespayday loans

London Mutual Credit Union launchedits payday loan service, called CUOK!payday loans, in February 2012 and bythe end of September had made over1,500 loans, with a value of £349,000.

Lucky Chandrasekera, Chief Executiveof London Mutual Credit Union, said:“We decided to set up our own schemebecause so many people were comingto us for help after getting into troubletaking out a payday loan. By joining the credit union and using our CUOK!payday loan service instead, people can make considerable savings oninterest payments compared to otherpayday lenders.”

The credit union charges 26.8 percentAPR on its payday loans, whereas paydayloan companies often charge over 4,200percent APR. This means a loan of £400payable over one month, which wouldtypically cost £120 with a payday lender,costs only £8 with London Mutual CreditUnion. With London Mutual, payday loanscan also be repaid over three months,helping to spread the cost.

CUOK! payday loans are available foramounts from £100 to £1,000, althoughthe maximum amount for a first loan is£400. Applications can be made onlineand, subject to credit checks, an instantdecision is made, with same day paymentif required. Unlike other payday loans,however, there are no penalties for latepayment or early repayment.

Once the payday loan has been repaid,London Mutual Credit Union is workingwith its members to encourage them tomove over to a more manageablemainstream credit union loan, and around100 people have already done this.

The payday loan scheme is open to allthose who live or work in Southwark,Lambeth or Westminster and become amember of the credit union. Applicantsmust be employed and earn more than£12,000 a year. They must also have acurrent account with debit card anddirect debit facilities. If people don’t meetthe eligibility criteria or credit checks for

a payday loan, they are encouraged tocontact the credit union to see whatother help is available.

The scheme is helping to raiseawareness of the credit union and attractmembers who would perhaps never havecontacted the credit union otherwise.Those taking out payday loans comefrom all walks of life including barristers,teachers and health workers.

Lucky concludes: “By offering the sortof payday loan service that people need,not only are we providing affordableshort term loans, but we are keepingpeople out of the clutches of thetraditional payday loan companies, with

their sky high interest rates, which oftencause people to get into more debt. Weare also using the scheme to help makepeople aware of our other credit unionservices and helping them to managetheir money in a better way.”

London Mutual Credit Union is thelargest community credit union inLondon and has been serving itsmembers since 1982. The credit unionwas assisted in setting up the paydayloan scheme by the Barclays CommunityFinance Fund.

www.creditunion.co.uk

www.cuok.co.uk

BY PROVIDING a payday loan to hospital worker Christopher,London Mutual Credit Union helped keep him out of theclutches of unscrupulous payday lenders.

27 year old Christopher, who is a Customer Services Team Leader, saw an advertfor CUOK! payday loans on the intranet where he works. He hadn’t heard ofLondon Mutual Credit Union, but was attracted by the low interest rate on thepayday loan and the knowledge that if the credit union was advertised on thehospital intranet, then it must be genuine. Christopher had never taken out apayday loan before, because of the high interest rates usually charged, but neededsome more money quickly when he moved into his new home.

Christopher said: “I needed a loan to help pay for furniture for my apartment andwhen I saw the information on the hospital intranet, I thought I’d find out more. Iapplied and everything went well. I had to go into the credit union with my proof ofidentity documents, but it was all organised quickly and easily.”

One of the benefits of the credit union payday loan for Christopher was theability to pay back the loan over a longer period of time. After paying back his firstpayday loan, Christopher took out a second one, which he explained was eveneasier to organise, as the credit union already had his details on file.

Christopher added: “I’m now in the process of applying for a standard loan withthe credit union, which means I can spread out my repayments even more and planfor the future.”

Lucky Chandrasekera, Chief Executive of London Mutual Credit Union, said: “Themajority of people applying to us for payday loans need them to consolidate theirdebts or pay off other payday loans. Many of our members have horror stories totell of getting deeper and deeper into debt, so it is good to know that we havehelped save Christopher from the clutches of payday lenders.”

Case study

Delegates heard from a series of high calibrespeakers on the theme of how credit unionscan grow to meet the challenges faced bypeople across Scotland.

Former Chair of the Treasury SelectCommittee Lord McFall delivered a keynotespeech on the need for all financial servicesproviders to be focused on the needs andwellbeing of consumers, and Assistant ChiefConstable Ruaraidh Nicolson announced aprogramme of training and support fromStrathclyde Police to help credit unions spotand report suspicious activity.

There were also presentations on thecontinuing support for the credit unionmovement from the UK and ScottishGovernments, and a discussion of how the

mutual and credit union model might helprebuild trust in financial services providers, inwhich CUNA Mutual’s Chief Executive(Europe) Paul Walsh and Paul Jones fromLiverpool John Moores University shared their perspectives.

And a high level panel chaired by award-winning broadcaster Lesley Riddoch andfeaturing Graham Mowat from theDepartment for Work and Pensions, along withYvonne MacDermid, Dr Mary Taylor and MarkLyonette – Chief Executives of Money AdviceScotland, the Scottish Federation of HousingAssociations and ABCUL respectively –debated the impact of Welfare Reform andhow claimants might be helped with thetransition to Universal Credit.

In addition to the plenary sessions, delegates

also had an opportunity to choose fromworkshops on the proposed new BankruptcyBill, on how credit unions can partner with theadvice sector and other local agencies, on howto encourage more links with employers, andhow to make the most of new technology.

Speaking after the conference, Mark Lyonettesaid: "There was a great atmosphere at thisyear’s conference, and the range of delegatesfrom the credit union movement andsupportive sectors seemed to really engagewith the programme.

“These are exciting times for credit unions inScotland with growing awareness of themovement, continuing growth in membership,a wider range of products to offer and theprospect of achieving even more throughcollaboration between credit unions.”


NEWS

OVER 170 people gathered in Glasgow on 14 September for Scotland's Credit Union Conference, which wasorganised by ABCUL and sponsored by CUNA Mutual.

Holyrood celebrates credit unionsTHE SCOTTISH PARLIAMENT marked this year’s International Credit Union Day with the biggest everturnout of Members of the Scottish Parliament (MSPs) and guests for a credit union event at Holyrood.

Around 70 guests including MSPs, Scottish and local governmentofficers, housing providers, the advice sector, the financial servicessector and a number of other supporters and partner organisationsjoined representatives from the credit union and wider co-operativemovement to mark what is an especially important InternationalCredit Union Day in this United Nations International Year of Co-operatives.

Hosted by John Wilson MSP – Convener of the Parliament’s Cross-Party Group on Credit Unions – and supported by The Co-operative Group, guests gathered in the Members’ Restaurant tohear how Scotland’s credit union movement has grown – and willcontinue to grow – by remaining true to the slogan of this year’sInternational Credit Union Day: “Members Matter Most”.

Guests also heard how other successful businesses have thrived bystaying true to their co-operative values and membership principles,and how co-operatives including credit unions can help address thechallenge of poverty around the globe.

There was plenty of opportunity to network and to visit thestands of the exhibiting credit unions – Discovery Credit Union, 1stAlliance (Ayrshire) Credit Union, Glasgow Credit Union, The TransportCredit Union and Value Credit Union – who demonstrated the rangeof services credit unions offer around Scotland.

John Wilson MSP also tabled a Motion to welcome InternationalCredit Union Day, which quickly attracted the support of 52 MSPsacross all five parties in the Parliament.

ABCUL Policy and Relations Manager (Scotland) Frank McKillopsaid: “This year’s annual Scottish Parliamentary reception was ourbiggest and best yet, which reflects how successfully Scotland’scredit union movement is engaging with politicians and local andnational partner organisations.

“There are great opportunities for growth ahead for Scotland’scredit unions, and many challenges facing people across the countrywhich our movement can play a part in addressing, if we continue towork together in a spirit of co-operation and partnership.”

Scotland’s Credit Union Conference

We like to think of ourselves as your trusted friend, we hope you see us this way too


CUNA MUTUAL GROUP COMMENT

YOU WORK hard for your members and at CUNA Mutual Group Ltd we work hard to support you. We stick to our word. InSeptember 2012 our insurers paid out £195,330 in claims to your members and over the last 12 months have paid out over£2 million and £16 million over the last 10 years. We hope to continue to support your members for many years to come –protecting your members is as important to us, as it is to you.

For us at CUNA Mutual Group Ltd it’s all about making sure all of your members are protected. That’s why we offer onlyproducts that are accessible, simple and affordable. We believe in financial inclusion – everyone should be able to have theprotection that we offer.

Just like you, we believe in fairness. CUNA Mutual created the innovative ‘debt dies with the debtor’ solution because westrongly believe that no family member should have to deal with a loved one’s debt whilst they’re dealing with a loss.

For more information please contact your CUNA Mutual account manager or email us on [email protected]

CUNA Mutual Group Ltd is authorised and regulated by the Financial Services Authority, Registered address: 100 New Bridge Street, London, EC4V 6JA.Registered No: 3571106

CUNA Mutual – anold and trusted friend

Working with credit unions to protect your members

Working with credit unions to protect your members

We’re a big global player, but we’re still small enough to careWithin CUNA Mutual, we insure credit unions across the globe, but at a local level we’re small enough to give you the attention and support you deserve.

We’re always at the end of the phoneYou have a dedicated CUNA Mutual Group Ltd account manager to deal with any queries you have.

We pay claims quicklyWe believe that your members and their beneficiaries should get cash when they need it most.That’s why last year 91% of valid claims were paid within 3 days.**Based on internal CUNA Mutual data across all products, gathered from January to December 2011.

We go the distanceWe make sure that your needs are at the top of our agenda and we’re great listeners too.Over the last 12 months we clocked up over 18,000 business miles visiting our credit union partners.****October 2011 to September 2012 inclusive.

We support your causesCUNA Mutual Group Ltd continue to sponsor ABCUL conferences and the Development Education UK programme.

No-one understands credit unions like we doCUNA Mutual has been supporting credit unions for over 75 years and creatinginsurance products to meet the specific needs of credit unions since 1935. Weremain committed to making insurance mutually beneficial to both your creditunion and your members.

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NEWS

Commenting on his memorable achievement,Jamie said: "This was a fantastic experience andone I will never forget. With Olympic championMo Farah starting the race the weather wasperfect for running with rain from the start! I wasdetermined to get a personal best and when thegoing got tough I was spurred on by the thoughtof all my sponsors including those that hadpromised even more money if I finished in undertwo hours. My time of one hour and fifty sevenminutes was 17 minutes faster than I have everrun and capped a fantastic day."

Jamie was persuaded to run for the CreditUnion Foundation by Denis Greenall, a formercolleague of Jamie's in the police. Denis is acredit union manager and a member of theABCUL Supervisory Committee. He is also a

graduate of the Development Educators UK(DEUK) programme, which is run by thefoundation.

Angela Hampson, President of the CreditUnion Foundation, said: “On behalf of thefoundation I would like to thank Jamie for hisbrilliant fundraising efforts and his achievementin completing the Great North Run in recordtime. As part of our plans to grow the CreditUnion Foundation we have recently registeredwith JustGiving, the online fundraising website.Jamie is the first person to use the website and I hope that this will make the fundraising process more efficient for anyone wishing tosupport the foundation.”

www.justgiving.com/TheCreditUnionFoundation

Jamie Lewis raises over £500 forthe Credit Union FoundationCONGRATULATIONS TO Jamie Lewis who has successfully completed theworld famous Great North Run for an amazing tenth time. On this occasionJamie raised over £500 for the Credit Union Foundation, beating his targetof £300.

Held at The Grove, Hertfordshire, oneof the country’s finest championship golfcourses, on 24 September 2012, theevent was attended by senior executivesfrom across the airline industryrepresenting BAA, Emirates, Etihad, BritishAirways, Air Canada, Lafarge, Babcock,Crew Training Centre (CTC), Servisair,VanDerLande and United Airways.

Despite heavy rain during the first partof the day, competitors were rewarded byan afternoon of sunshine and good golf,with everyone agreeing it was anexcellent course and a great day out.Participants stayed on to enjoy dinnerfollowed by a charity auction hosted bytop international boxing MC and SkySports pundit John McDonald. Thosecompanies and organisations thatcontributed items for the auctionincluded British Airways, Concordia,Barclays, Direct Golf, Help for Heroes,Hard Rock Café, RM Builders, MichaelGadsby, The Grove, The Roof Gardens,Dwell Stores, Kesho Systems, SequoiaSpa, ‘That’s a Wrap’ Sales and the CrewTraining Centre.

Speaking after the event, Plane Saver’sCEO David McMullan said: “Especialthanks to our marketing director, MickGadsby, our marketing manager JamesMarshall, our special advisor ChrisThompson of BA, those generoussponsors who raised so much for charityand to the board of directors of PlaneSaver for agreeing to fund what hasproven to be a successful event by allaccounts.”

Plane Saver Credit Union serves UKpassenger air transport staff andcelebrates its 20th anniversary in 2013.

www.planesavercu.co.uk

Golf Dayraises £7,000for charityPLANE SAVER Credit Union’sfirst ever Charity Golf Dayraised over £7,000 in aid ofHelp for Heroes, TheAfghanistan Trust and theMotor Neurone DiseaseAssociation.

GRAMPIAN CREDIT Union, based in Aberdeen, has recently added AberdeenSnowsports Centre to its list of employer partners offering payrolldeduction to staff. The centre employs over 60 people in various capacitiesand the credit union is open to them all.

Gill Mathieson, Grampian’s Chief Executive and aski instructor at the centre, said: “This is great news.It will give the staff the ability to save for new kit, skiholidays and maybe even a season abroad.”

Dave Jacobs, the centre manager has welcomedthe credit union, saying: “This will be great for thefull time staff and casual instructors (many of whomare students) allowing them to budget for the costof equipment as well as trips to the snow. We alsohave several clubs running at the centre and thecredit union could be of benefit to them too.”

www.grampiancreditunion.co.uk

Aberdeen Snowsports Centre teamsup with Grampian Credit Union


THE CO-OPERATIVE BANK

Co-operatives United

The United Nations designated 2012 as the InternationalYear of Co-operatives to boost understanding throughoutthe world and to celebrate the importance of the businessmodel in the global economy.

The event, called Co-operatives United, was co-ordinatedby the International Co operative Alliance, the global voiceof co-operatives. The week long festival had conferences,forums, exhibitions, over 100 workshops and a fringe festivalof film. It aimed to inform and inspire people on why co-operatives help build an ethical economy and a better world.

The event brought the curtain down on a series of globalcelebrations from New York and Cancun to Quebec andthen Manchester that brought together representativesfrom across the world with the aim of increasingcollaboration between the 1.4 million co-operatives acrossthe globe.

Of course, credit unions, with their 196 million membersworldwide spanning 100 countries, are an integral part ofthis co-operative movement.

It is therefore fitting that The Co-operative and the UK’s

credit union sector, including ABCUL, continue to work soclosely together given these strong links and shared aims.

Credit unions provide financial support to people right inthe heart of communities, in the same way The Co-operative reaches out to its members through itsoperations in communities nationwide. Both operate for thebenefit of their members.

The Bank’s support for credit unions goes back over manyyears and includes banking and providing the back-officesystems for the ABCUL current account scheme.

The two have also been at the forefront of tacklingfinancial inclusion through joint research into the causesand effects of being financially excluded.

It was also fitting that the International Year shouldculminate in the North West. The roots of co-operationbeing in Rochdale over 150 years ago when the RochdalePioneers set out to give exploited workers a fairer deal.

The year recognised the role the business model plays inprogressing social and economic development ofcommunities across the world.

The sector is estimated to have 800 million membersworldwide and employ around 100 million people – morethan multinationals combined. Whilst the top 300 co-operative businesses alone generate a combined turnoverof $1.6 trillion, enough to make it into a top 15 economy inthe world.

Whilst the event in Manchester brought the InternationalYear to a close, the relationship we have with the creditunion sector is certain to continue long into the future.

THE UNITED Nations International Year of Co-operatives drew to a close in Manchester inNovember and figures from across the worldwide movement descended on the city.

Documents

Members Matter Most in Manchester · The first independent co-operative society to take advantage of this is The Southern Co operative. Mark Smith, Chief Executive of The Southern