Important News December 2016
Following our appeal for members and the business community to show their support and help us to save your credit union, the Board would like to thank everyone who has donated so generously.
We have received donations of almost £15,000 which has resulted in the lending ban being lifted by the PRA and we are pleased to announce that we are able to process those much requested Christmas loans.
Acting Chair, Mr Keith Johnson says, “The community response really shows that there is a strong desire to retain a credit union in Barrow and the best thing of all is that we are now able to open the doors again to make those all important Christmas loans. However, we still have work to do, as we need to bring the capital ratio up to a minimum of 3% and so further donations would be really helpful in ensuring we achieve this.”
We have an Emergency Work Group, made up of five credit union Directors and two highly experienced local business people, working tirelessly to achieve this 3% capital ratio and review the mid to long term strategy to ensure that there remains a credit union presence in the town.