Oral question asked in the House of Lords, by Lord Borrie (Labour). It was answered on Thursday, 2 February 2012.
Credit Unions
- Question
- The Minister referred to the growing significance of credit unions, and of consumer credit provided by the unions. What proportion of outstanding consumer credit at the present time is owed to credit unions? What proportion of the totality of consumer credit do they cover?
- Answer
-
The proportion is disappointingly small; it is 2 per cent. That compares with a figure of 44 per cent in the United States and 75 per cent in Ireland. It is a very small industry here. Our ambition is to double its size in the next five to seven years. Nevertheless, we need to look at various other financial instruments, particularly as we introduce universal credit.
Secondary information
- Type
- Oral question
- Reference
- 734 c1666
- Session
- 2010-12
- Oral question type
- Supplementary
- Chamber / Committee
- House of Lords chamber
- Subjects
- Credit unions
- Link
- View this Oral question on www.publications.parliament.uk
Librarians' tools
- Timestamp
- 2014-09-01 20:11:02 +0100
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