Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of taking legislative steps to allow credit unions to access the Bank of England’s liquidity facilities.

Credit unions are not currently eligible to access the Bank of England’s liquidity facilities, but the Bank continually assesses the types of firms that are eligible. The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit. The Government continues to engage regularly with this sector to understand the current barriers they face and to consider further opportunities for growth.