Thank you, Deputy Presiding Officer. I’d like to thank Dawn Bowden for leading this debate today. There is a clear recognition of the benefits credit unions can bring to individuals and communities.

Credit unions are ideally placed, through their relationships with local authorities, local employers, schools and community organisations, to help strengthen the financial resilience of communities through improved access to responsible credit and saving opportunities. I’m clear that money management skills are best learnt at a young age and many credit unions work on this principle and reach out to local schools to help to encourage a saving habit from an early age. Indeed, I visited Pill school in Newport with Jayne Bryant to see their school savers scheme run by Newport Credit Union. I was encouraged by what I saw—a really enjoyable visit, but with huge benefits for that community. I also visited Tredegar only last week, through the opening of a new credit union store in the town centre, which was very much welcome.

Credit unions are key partners in the financial inclusion delivery plan published in December 2016, and this sets out the actions needed to fulfil and achieve a well-functioning and comprehensive financial system in Wales that is accessible to all. The delivery plan sets out how we will work with partner organisations, both in Wales and at a UK level, and to help improve affordable credit and accessible financial services, as well as access to financial information, including debt advice.

Credit unions are directly delivering some of these actions and have a central role to play in the promotion of financial inclusion. I’ve been very clear that the support given to credit unions must continue to address financial exclusion. The funding I’ve made available to credit unions from this April will be used directly to support a number of these actions. These will support those more disadvantaged in our communities across Wales to access the help that they need. I’ve also agreed to a grant fund of £422,000 for 21 credit union projects in 2017-18, following an open application grant process. These include school saver projects and prison saver schemes. Credit unions will be notified of their funding awards shortly and the activities will be funded from 1 April 2017. This will help credit unions continue to support financially excluded members and to deliver our financial inclusion delivery plan, as well as aiding their long-term sustainability of operation.

A number of projects that will be funded may also contribute to increasing credit unions’ sustainability through increased membership, and Dawn raised the issue of businesses and local authorities being engaged in an opportunity to save with ease. I’m very happy to encourage that collaboration. We’ve invited collaborative projects from credit unions, which are prioritised in the assessment process.

We know the importance of credit unions in helping people who struggle to manage their money, also. The Welsh Government funding provided between April 2014 and December 2016 has helped credit unions support more than 29,000 financially excluded members, with just over £23 million provided in loans to help those who need this. This demonstrates the role that credit unions play, and I hope that we can grow that role, because I think they play a vital role in our community.

I want to see well-managed, effective and sustainable credit unions in Wales that are inclusive and accessible to everybody, developing credible and professional financial products and services, like they are in other countries, too—they are seen to be growing particularly in America.

The credit union sector in Wales has been transformed over the last 15 years. Since 2000, credit union membership has risen from around 10,000 to over 75,000, and I know that many Members in this Chamber are also members of credit unions, including myself.

In this time, many Welsh credit unions have strengthened and professionalised their services immeasurably. The ambition now is to build on these firm foundations. It’s a really important part of financial literacy—the opportunity to access safe saving and safe lending. We’ve seen the difficulties found by communities if they turn to loan sharks or other disreputable methods of borrowing money.

I’m very grateful to Dawn for the contribution she’s made today, highlighting the very successful programme of credit unions here in Wales, but much more work needs and can be done to support them. Diolch.