The Welsh Liberal Democrat Assembly Member for South Wales West, Peter Black has congratulated both LASA Credit Union and Barclays Bank in Swansea for working together to provide a better service to people who wish to borrow smaller amounts of money, or are on low or fixed incomes.
Barclays UK have not only announced that it will allocate space within branches for credit unions to operate, but have also set aside a £1m fund to help credit unions develop. Barclays will also assist with training, and skills transfer.
Mr Black said:
"Both organisations are to be congratulated for the way that they are working together in order to help local people. It's good to see this example of cooperation in our local banking sector.
"LASA Credit Union is not a 'poor man's bank'. However, it is true that credit unions are prepared to loan smaller amounts to members at much lower interest rates than a mainstream bank. It is also true that LASA encourages its members to build up savings for a more secure future.
"As Barclays recognise, these things will help people who have been neglected by the mainstream banking sector in the past to get on a more secure footing and participate in the economy again.
"I look forward very much to seeing LASA open an information point in Barclays Bank in Swansea in the very near future."