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The credit crunch – the right time for credit unions to strike?

Published online by Cambridge University Press:  02 January 2018

Nicholas Ryder
Nicholas Ryder*
Affiliation:
University of the West of England
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Abstract

The origins of the cooperative movement can be traced to the Rochdale Society of Equitable Pioneers in 1844, from which similar institutions emerged in Central Europe, the North American continent and the rest of the world. Modern credit unions evolved from these small cooperative societies and have developed into mainstream providers of financial services in many jurisdictions. However, credit unions in the UK have not made a similar impact. There are several factors that have limited their growth – an inadequate legislative framework, an ineffective credit union regulatory system, inappropriate development models, an over-reliance on state subsidies and a disunited movement. The aim of this paper is to re-examine these factors in light of the level of political support provided by the government since 1997.

Type
Research Article
Information
Legal Studies , Volume 29 , Issue 1 , March 2009 , pp. 75 - 98
Copyright
Copyright © Society of Legal Scholars 2009

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194 Sibbald et.al, above n 47, at 407.

195 Ibid.

196 Hannafin and McKillop, above n 106, at 59.

197 HM Treasury Speech by Melanie Johnson MP, Economic Secretary to the Treasury, NPI Conference on Tackling Financial Exclusion (12 April 2000), available at http://www.hm-treasury.gov.uk

198 Column 72WH, 18 July 2001, Melanie Johnson MP.

199 Column 88WH, 18 July 2001, Melanie Johnson MP.

200 The banks were the Alliance and Leicester, the Bank of Scotland, Barclays, Cooperative Bank, Halifax, HSBC, Lloyds TSB, MBNA International, Natwest, National Australia Group, RBA and Unit Trust.

201 Association of British Credit Unions Limited CSO Update Association of British Credit Unions Limited Press Release (6 December 2001), available at http://www.abcul.coop.

202 As cited in Jones, above n 43, at 13.

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206 Ibid.

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210 World Council of Credit Unions, above n 44, p 4.

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