I’d like to make a statement marking tomorrow as International Credit Union Day. ‘Not for credit, not for charity, but for service’ is a credit union motto. We often forget that the purpose of banking is not only one of business, but of social need. As we have witnessed the closure and acquisition of thousands of small retail and local banks in the last 30 to 40 years, and when we consider that the banks we do have are now fast disappearing from high streets and smaller towns, now more than ever, an alternative is needed. Along with greater education surrounding financial inclusion, which I have been privileged to work on, more needs to be done to promote credit unions as part of better financial education and tackling inequality and poverty.

In the UK, sadly, Wales does not stack up favourably to Scotland and Northern Ireland when it comes to credit union membership. This despite Wales being one of the areas of the UK facing the biggest challenges in accessing credit and people managing their money. In the first quarter of this year, Scotland counted a 0.33 million adult members, Northern Ireland counted over 0.5 million, and Wales only 66,000 members of credit unions. This needs to change.

On Friday, I was pleased to help open Celtic Credit Union’s new branch in Swansea city centre. This is the sort of development of the sector we should welcome, and I would urge all members here to get in touch with their local credit unions, support them and help to promote a more secure, financially inclusive and socially responsible alternative for the people of Wales.