'Super' credit union launches

A new credit union headquarters has opened as part of the merger

The biggest credit union in Wales has opened after five unions merged with assets of more than £1 million.

The 'super' union, based in the South Wales Valleys, is made up from the unions in Tonyrefail, Pontypridd, Pontyclun, Aberdare and Treorchy.

About 5,000 people are members of the new union and organisers say it will become a flagship to other unions in the country who are thinking of merging.

Around 240,000 people live in the area covered by the credit union and it is hoped that the merger will encourage more people to save and borrow with them.

Rhondda Cynon Taf Council has already allowed its staff to make salary deductions to save with a credit union and other major employers are being asked to support the scheme.

Nigel Crook, the manager of the super union, said: "The credit unions which have merged have always worked together and it seemed to make sense.

What is a credit union? A financial co-operative Controlled and run by its members Savings and borrowing services offered

"By having this merged union, our credibility will grow and hopefully more people will join and we can offer more services to our members."

His comments were echoed by Richard Collier, the president of the Association of British Credit Unions.

"I think this is excellent - it is an excellent way forward," he said.

"There is going to out a lot of pressure on this new union because they are going to be the flagship for the whole of Wales.

"But I am sure it is going to be an outstanding success," he said.

Muriel Pinkney is a volunteer with the credit union

As part of the merger, a new headquarters was opened in Treorchy.

Muriel Pinkney, a volunteer cashier and collector, has been a credit union member for a number of years.

"Credit unions are a great way for people to save and for people to borrow money without having massive interest rates," she said.

"I work two mornings a week and have a variety of people coming in who are members, even children who save their pocket money.

"It is a good way to teach children good habits about money, and I can only think that the merger will help even more people because more people will hear about it," she added.