Mid Formartine Councillor Paul Johnston has welcomed the planned launch of the Ellon Credit Union, Part of the north east Scotland Credit Union. The launch at Ellon’s Ythan Centre on June the 12th will herald another step in the expansion of credit Unions in the North east of Scotland.
“Credit Unions are social enterprises and are a great way for people to save and borrow in an ethical and local way – not reliant on the big banks and all the problems that brings” said Paul Johnston.
“Public confidence in the banking system has been shaken since 2008 and the subsequent financial crisis, as it has emerged how much banks have gambled with depositors money rather than concentrated on savings and loans in the retail banking sector. While the Government struggles with reform of banking to separate the retail and investment part of banks, ordinary people can have confidence in the straight forward savings and loans system that credit Unions have to offer.” said Councillor Johnston.