Aberdeenshire support for Credit Unions moves closer

Aberdeenshire Councillors have backed a move to change the Councils policy on the cash reserves of the Council to allow them to be banked with Credit Unions.

Cllr Paul Johnston , the leader of the Democratic Independent and Green Group had suggested the change to the Councils ‘treasury policy’ and this was put to Councillors by Alan Wood, Head of Finance today at the Policy and Resources Committee. (27/2).

“Councillors have agreed to a step that may open the door to the Council depositing part of its very large cash reserves with credit unions. This could enable them to meet demand for loans in times such as changes to welfare reform when borrowing is in demand.”

“Credit Unions are well regulated mutual organisations that are as good as any high street bank. However, with a local customer base the lending and borrowing is local and helps support the local economy as well as being of benefit to both parties.” said Paul.

Further reports will come to the Council’s Policy Committee when details of what might happen are discussed with Credit Unions.

“I am glad this attracted all party and group support” said Paul. “It sends a clear message that Aberdeenshire’s Councillors want to support local people, support the local economy and support Credit Unions”

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