RHONDDA CYNON TAFF, Wales – The largest Welsh credit union is nameless, but it is also the newest. The credit union was formed last month when five credit unions in this former mining area merged. Their combined assets are over 1 (US$1.6) million and they have over 5,000 members. That is small by U.S. standards, but it was just a little over a year ago that regulations in the United Kingdom that restricted credit union services and growth were amended. According to Lorraine Hughes, future finance manager of the new group and former general manager of Rhondda Cynon Credit Union, the credit union will select a name shortly. The new credit union has a common bond of everyone living and working in County Borough of Rhondda Cynon Taff which has a population of about 230,000 people. Although the mining industry is dead, many service industries have sprung up, filtering in from the capital Cardiff, which has been an economic success story over the past few years. The new credit union will be actively promoting itself. A newsletter is being prepared for all households and posters will be put up in libraries, hospitals, and doctors' surgeries (offices), any where the public is inclined to gather, according to Hughes. Promotion will wait until after the summer holidays, which are longer in Wales (minimum four weeks) than in the U.S. The new credit union will use the premises of the previous five organizations, all of which are well situated on the High Streets (Main Streets) in their respective communities. They are planning to have the normal loan and savings services and to eventually add insurance products, Hughes said. There are also plans to develop an Internet site. The area will have broadband access beginning in the fall, Hughes said. The formation of the new credit union was officially recognized at a ceremony where the officers of the five credit unions handed their company seals over to Ian Gylee, President of the Interim Board of Directors, said of the symbolic movement, "This day will long be remembered as a defining moment in the history of the credit union movement in Wales." Richard Collier, president of the Association of British Credit Unions, Ltd. (ABCUL), said at the same ceremony, "ABCUL is pleased to see that this credit union is at the forefront of new model development placing a high priority on sustainable economic growth whilst remaining true to its clear social objectives." ABCUL has said that many small credit unions will probably merge in the near future. Wales, England and Scotland have many tiny credit unions, some as small as 200 members. Hughes said it took about 20 months to work out the agreement that made the merger possible. Over 150 volunteers worked on the project. Nigel Crock has been selected as the CU's new General Manager. -

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