| Key Targets | Action/Outcome |
1. | All Credit Unions to be solvent | Since July 2002, Credit Unions have been regulated by the Financial Services Authority (FSA). All Credit Unions are deemed to be solvent unless the FSA is taking action against them. |
2. | All Credit Unions to be capable of meeting the FSA's new regulatory framework | All Scottish Credit Unions were prepared for FSA regulatory changes through the offer of free compliance training. Completed July 2004. |
3. | All Credit Unions to have a business plan setting out their path to self sufficiency | Free Health checks and Business Planning offered to all Credit Unions. 97 high and medium risk Credit Unions had a Health Check and 59 Credit Unions had a Business Plan done. Completed July 2004. |
4. | Increase the average level of savings held ( £450,207) | Current average share capital at September 2004: £1.3 million |
5. | Increase the number of loans made ( 488 per Credit Union) | As at September 2004 there were 87,787 loans outstanding. This is an average of 670 per Credit Union |
6. | Increase the average total assets held ( £531,507 per Credit Union) | Credit Unions had assets totalling £185.2 million at September 2004 - about £1.4 million per Credit Union. |
7. | Increase the number of community based Credit Unions paying a dividend to members | 70 Scottish Credit Unions paid dividends totalling £4.32 million |
8. | Increase the proportion of the population that are members of a Credit Union in Scotland from 1 to 5 per cent | At end of September 2004 - 4.32 per cent of the adult population are members of a Credit Union |
9. | Double the number of people, both volunteers and staff, actively involved in running Credit Unions (1632) | Training and Skills Audit published by Scottish Executive April 2004. In the Credit Unions surveyed for the audit, the number of volunteers ranged from 8 to 100. 45% employed full-time staff and 40% part-time staff. |
10. | Ensure the profile of volunteers is representative of the local community | Research on Credit Union membership published by Scottish Executive in 2005 showed most members were middle aged or older, female, owner occupiers and in work. Very few were from minority ethnic communities. Profile of volunteers is likely to be similar. Project Scotland scheme now in place for Scottish Credit Union to be a placement broker and encourage young people to volunteer in Credit Unions. |
11. | Increase the number of volunteers undertaking trade association training courses, HNC training and other formal qualifications. | Training and Skills Audit published by Scottish Executive April 2004. Compliance training made available by Scottish Executive as at 1 above. Credit Union representative bodies (SLCU/ABCUL) offer training courses, as do some colleges and development agencies. The Chartered Institute of Bankers in Scotland now offers a Certificate in Credit Union Practice. |
12. | Increase public awareness and understanding of Credit Unions | Over 160 Credit Unions have received free marketing materials to raise public awareness - ( 90 in 2002/2003 and a further 70 in 2004/2005). |