Swann urges UK rights for Credit Unions
Mr Robin Swann, the Ulster Unionist Party’s Spokesman on Social Economy, Energy and Consumer Affairs, has called on the Stormont Assembly to grant the same rights to Northern Ireland ’s credit unions as enjoyed in the rest of the United Kingdom .
Mr Swann, who is also a senior member of the North Antrim UUP management committee, has joined the call made by the Consumer Council to allow credit unions in Northern Ireland the same UK rights.
He said: “Current legislation prohibits parents in Northern Ireland opening a ‘Child Trust Fund’ in their local credit union.
“The Child Trust Fund is a Government supported fund which provides £250 minimum to all eligible children born on or after 1 September 2002; £500 to children in families with income of/below £14,155 and a further £250 or £500 for children upon reaching seven years old.
“ Northern Ireland has currently the lowest take-up rate of the ‘Child Trust Fund’ option at only 63.3% of those eligible, so this is money which is not being accessed by everyone who is eligible.
“I want to see parents being allowed to invest this money in an institution which they are familiar with, and I trust this could increase the uptake, currently more than 350,000 people in Northern Ireland who are members of a credit union.
“I also support the call to allow the option to have benefit payments made direct into credit union account.
“And I would applaud the work undertaken by the volunteers and staff who operate credit unions across the Province.
“Having been a voluntary teller myself in the past, the dedication of these individuals to our communities should not go unrecognised and deserves all the support we can give,” said Mr Swann.