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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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JOB VACANCY - Business Development Manager

ACE is currently looking to employ a Business Development Manager to help attract new members and promote ACE Credit Union Services across the Credit Union sector in Great Britain. Applications with a CV should be sent to bill.hudson@acecus.org The closing date for applications is 13/10/2023 with interviews being held in Manchester on the 23/10/2023


ACE Newsletter July 2023

Our latest newsletter is available to view here

Following the trade bodies meeting with the PRA and FCA you can read about what you will need to do to take advantage of the new products and services being offered to credit unions through the Financial Servicesand Markets Act 2023. The FCA also lays out its expectations for credit unions as Consumer Duty becomes a reality on the 31st July 2023.

Important Dates

September 2023
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