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Interesting article in The Guardian about the possibility of banks implementing negative interest rates.

The impact on credit unions is not likely to be massive as we have all got used to managing with very low rates of return on our deposits. Negative interest rates could result in credit unions having to pay banks to hold their money in a savings account.

This article suggests that moving to negative rates is unlikely unless the economy fails to make the predicted recovery in the latter part of  2021. The Bank's Governor Andrew Bailey has said: "there is a difference between having negative rates as part of the toolkit and actually using them".

Members Concerns
Following the Guardian story, some of our unions raised the following concerns.

1. "Fall in income from bank deposits will impact on ability to pay a dividend"
2. "Attract more savers to credit unions meaning that we have more money deposited in the banks"

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Our latest newsletter is available to view here

Bilingual, free and impartial money guidance 

The Money & Pension Advice team have produced bilingual, free and impartial money guidance for your customers, clients or staff. More information is available here

Coronavirus COVID 19

You may have already started to write your own Contingency Plans for the impact of COVID 19. With thanks to all UK Credit Union Trade Associations the factsheet here is not meant to replace or change anything that you have already implemented but it might help those of you who have not yet planned how to respond to the impact of Covid-19 as yet. 


2020 Budget proposes changes to Credit Union legislation 

The Chancellor announced at Budget yesterday that the Government will bring forward legislation to allow credit unions to offer a wider range of products and services to their members, supporting their vital role in financial inclusion. The Budget document is available here, and the specific announcement is on p100.

As the Government conducted a wide-ranging consultation on the future of the credit union sector in 2014, they believe it would be unnecessary to repeat the process at this point. However, HM Treasury is keen to engage with the sector on the specifics of the changes.


Important Dates

July 2022
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