Credit Unions — Past, Present and Future

Examines the strength of credit unions in the UK, and assesses their future developments and possible threat to the clearing banks in terms of competing for the same markets. Emphasises that the first credit union was formed in 1846 by Bavarian farmers who pooled their savings and made loans to neighbours, during a bad winter, at lower rates than commercial lenders. Says there are at present 200,000 credit unions world‐wide with 120million members, though the UK possesses only 55 credit unions with less than 10,000 members and assets of only £1million. Discusses potential markets in the UK and gives opinions on this. Looks at various other savings and loan institutions and at attitudes to clearing banks. Concludes that there is much to be gained by obtaining credit union accounts.