MSP highlights 30 years of success

The MSP for the Cowdenbeath constituency, spoke in the Parliamentary Chamber on Thursday during a debate celebrating the role of Credit Unions in Scotland’s communities and highlighted the work of Benarty & Lochgelly, which is approaching its 30th anniversary and is the longest established Credit Union in Fife.

Ms Ewing also highlighted the work of the Kingdom Community Bank Credit Union which has collection points in Cowdenbeath and Kelty.

During her speech, Ms Ewing said: “Credit Unions provide an invaluable service to the local communities that they serve.

“They can make available loan funding at affordable rates since they are owned and controlled by the people that use the services of the credit union.

“They are not banks, witnessed by the fact that any profits are invested straight back into the credit union to keep interest on loans and savings competitive.

“However, like banks, they are subject to prudential regulation, with the Financial Conduct Authority being a lead regulator and so deposits are guaranteed, as with standard bank deposits, up to a certain threshold".

She added: "In my Cowdenbeath constituency, as well as the Kingdom Community Bank Credit Union, already referred to, I am proud to say that there is also the oldest community credit union in Fife, that is the Benarty & Lochgelly Credit Union.

“The Benarty & Lochgelly Credit Union was established in October 1989 and therefore its 30th anniversary is coming up later this year and I am sure that the members of the Credit Union would be delighted if the Cabinet Secretary was able to mark that 30th Anniversary in an appropriate way and I am sure that they would love to meet with the Cabinet Secretary in person.

“The Benarty & Lochgelly Credit Union has around 2,240 members and the membership is drawn from Ballingry, Lochore, Crosshill and Glencraig in Benarty, and also from Lochgelly.

“It has also been a trail blazer as far as engagement with young people is concerned for even before the roll out by the Scottish Government of the very successful junior saver scheme - and can I take this opportunity to welcome the Cabinet Secretary’s announcement of additional funding of some £85,000 and this will help to further extend the roll out of this very successful scheme - but the Benarty & Lochgelly Credit Union had established children’s accounts at Benarty and St Kenneth’s Primary Schools, and at Lochgelly High. It has also recently done the same with respect to St Patrick’s Primary in Lochgelly".

The Cowdenbeath MSP went on: “In fact, in the local area, some children were already members as their grandparents had opened an account for them. Children can be saver members only as it is not until they are eighteen that they can borrow money.

“This focus on young people is extremely important as it encourages school pupils to get into the habit of saving and to understand the value of money.

“The credit union is run by a Board which is made up of volunteers elected to serve and the current chair is Willie Clarke and the treasurer is Donna McEwan. I had the opportunity to have a chat with each of these founding members of the credit union about the work that they do and I would wish to take this opportunity to thank them and their fellow Board members for all that they do to help the local community to thrive. And, of course, that goes, too, to all those involved in the Kingdom Community Bank Credit Union".

Ms Ewing concluded: “I would wish to commend the Benarty & Lochgelly Credit Union for all that they do to help local people and to make their communities more resilient.

“I did promise that I would make a plea today for people in Benarty and Lochgelly to consider becoming members of the local credit union as new members are always welcome. I also promised too to make a pitch for anyone in the area who may wish to get involved in the operation of the credit union to consider coming forward to sit on the Board for - young or not so young - your community needs you!”