Credit Unions

Lord Bishop of Liverpool Excerpts

Tuesday 8th March 2011 Lords Chamber

[Lord Sassoon]

My Lords, I am happy to confirm to my noble friend that Ministers expect the post office network to play a central role in enabling credit unions to reach more families. Part of the funding, which I have already mentioned, is going towards projects related to that end—projects that are in the capable hands of my noble friend Lord Freud. He is running with that project; it is in safe hands and the Post Office is central to it.

[The Lord Bishop of Liverpool]

My Lords, is the Minister aware of the commission into personal debt that was chaired by the noble Lord, Lord Griffiths of Fforestfach? I declare an interest as a member of that commission. Will the Minister consider the proposals and recommendations of the commission, in particular, the proposal to set up a community finance trust that would assist community finance projects such as credit unions?

[Lord Sassoon]

My Lords, I am happy to look at any suggestions for furthering the development of credit unions and similar savings channels. I am grateful to the right reverend Prelate for drawing my attention to those recommendations.