The District of Canterbury Credit Union Limited was a savings and loans
co-operative
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-control ...
based in the cathedral city of
Canterbury
Canterbury (, ) is a cathedral city and UNESCO World Heritage Site, situated in the heart of the City of Canterbury local government district of Kent, England. It lies on the River Stour.
The Archbishop of Canterbury is the primate of t ...
. In 2011, it merged with the larger Kent Savers Credit Union.
History
Founded in 2005, the District of Canterbury Credit Union had branches in Canterbury,
Herne Bay and
Whitstable
Whitstable () is a town on the north coast of Kent adjoining the convergence of the Swale Estuary and the Greater Thames Estuary in southeastern England, north of Canterbury and west of Herne Bay. The 2011 Census reported a population of ...
. Membership was restricted by
common bond to residents and workers in the Canterbury local authority area. In its first year of trading, the credit union attracted £94,000 of savings and made £31,000 of loans.
[Memorandum submitted by J.W. Cross, District of Canterbury Credit Union]
House of Commons, Select Committee on Treasury, Written Evidence, January 2006
In 2011 members voted to transfer engagements t
Kent Savers Credit Union Kent Savers was set up in 2010 to provide affordable financial services to the people of the historic county of Kent, the area currently administered by
Kent County Council
Kent County Council is a county council that governs most of the county of Kent in England. It is the upper tier of elected local government, below which are 12 district councils, and around 300 town and parish councils. The county council h ...
, the
Borough of Medway (both parts of the ceremonial county) and the
London Borough of Bexley
The London Borough of Bexley () is a London borough in south-east London, forming part of Outer London. It has a population of 248,287. The main settlements are Sidcup, Erith, Bexleyheath, Crayford, Welling and Old Bexley. The London Borou ...
.
Activities
The objectives of the District of Canterbury Credit Union were to provide its members with free financial education, offer low-rate loans and encourage thrift. In 2008 the
Lord Williams of Oystermouth
Rowan Douglas Williams, Baron Williams of Oystermouth, (born 14 June 1950) is a Welsh Anglican bishop, theologian and poet. He was the 104th Archbishop of Canterbury, a position he held from December 2002 to December 2012. Previously the Bis ...
, 104th
Archbishop of Canterbury
The archbishop of Canterbury is the senior bishop and a principal leader of the Church of England, the ceremonial head of the worldwide Anglican Communion and the diocesan bishop of the Diocese of Canterbury. The current archbishop is Just ...
and a member of the District of Canterbury Credit Union, spoke of the merits of the credit union movement in the
House of Lords
The House of Lords, also known as the House of Peers, is the upper house of the Parliament of the United Kingdom. Membership is by appointment, heredity or official function. Like the House of Commons, it meets in the Palace of Westminst ...
.
A member of the
Association of British Credit Unions
The Association of British Credit Unions Limited, commonly known as ABCUL, is the leading trade association for credit unions in Great Britain.
ABCUL represents around 70% of credit unions who in turn provide services to 85% of the British credit ...
Limited, registered under the Industrial and Provident Societies Acts, the District of Canterbury Credit Union was authorised and regulated by the
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 19 ...
. Ultimately, like the banks and building societies, members’ savings were protected against
business failure __NOTOC__
Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses. A profitable business can fail if it does not generate adequate cash flow to meet ...
by the
Financial Services Compensation Scheme.
Credit Union Guide
Financial Services Compensation Scheme (retrieved 2 April 2015) The credit union limited loans to £4,000 and would only lend where it appeared that the member would be able to service the loan.[
]
See also
*Credit unions in the United Kingdom
Credit unions in the United Kingdom were first established in the 1960s. Credit unions are member-owned financial cooperatives operated for the purpose of promoting thrift, providing credit and other financial services to their members.
Credit u ...
*British co-operative movement
The United Kingdom is home to a widespread and diverse co-operative movement, with over 7000 registered co-operatives owned by 17 million individual members and which contribute £34bn a year to the British economy. Modern co-operation started wi ...
References
External links
Kent Savers Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom
Credit unions of the United Kingdom
Banks established in 2005
Banks disestablished in 2011
Companies based in Canterbury