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1122540
registered interest false more like this
date less than 2019-04-23more like thismore than 2019-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Credit Unions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what representations he has received on changing credit union capital requirements; and if he will make a statement. more like this
tabling member constituency Glasgow South West more like this
tabling member printed
Chris Stephens more like this
uin 246543 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2019-04-29
answer text <p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms.</p><p> </p><p>The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p> more like this
answering member constituency Salisbury more like this
answering member printed John Glen more like this
grouped question UIN
246542 remove filter
246544 more like this
question first answered
less than 2019-04-29T14:19:31.207Zmore like thismore than 2019-04-29T14:19:31.207Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4463
label Biography information for Chris Stephens more like this
1122542
registered interest false more like this
date less than 2019-04-23more like thismore than 2019-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Credit Unions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what plans he has to change credit union capital requirements to support credit unions to grow assets beyond £10 million; and if he will make a statement. more like this
tabling member constituency Glasgow South West more like this
tabling member printed
Chris Stephens more like this
uin 246544 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2019-04-29
answer text <p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms.</p><p> </p><p>The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p> more like this
answering member constituency Salisbury more like this
answering member printed John Glen more like this
grouped question UIN
246542 remove filter
246543 more like this
question first answered
less than 2019-04-29T14:19:31.253Zmore like thismore than 2019-04-29T14:19:31.253Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4463
label Biography information for Chris Stephens more like this