Record number join credit unions

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The effects of the credit crunch are believed to be behind a rise in credit union membership in Wales.

Membership is above the 50,000 "milestone" for the first time, but the Welsh Assembly Government wants more people to join.

Credit unions are non-profit making bodies run by local people, and can offer loans and savings accounts.

Social Justice Minister Carl Sargeant said there was "plenty of work still to be done".

He added: "Credit Unions recently passed the milestone of recruiting their 50,000th member and I congratulate them for that.

"Membership is still relatively low in Wales at 1.83% of the population, so there is plenty of work still to be done to convince people of the benefits or saving with or borrowing from credit unions.

"The assembly government has placed credit unions high on its social justice agenda over the past decade, largely due to the role they play as providers of accessible, affordable savings and low cost loan services."

There are 29 credit unions in Wales, which have received £2.75m from the assembly government and European funds in the last decade.

Membership has increased five-fold since 2000, when there were just 10,000 members.

Credit unions are owned by their members and are regulated by the Financial Services Authority.