Sixty people attended a Positive Action Group meeting where a working party looking to set up a Manx credit union outlined its case.
The Manx Credit Union Working Party is working with MHKs, the Financial Supervision Commission and government departments to establish the necessary legislative framework.
It is assessing the level of support for setting up a Manx credit union by asking the community to fill in an expression of interest form. And it’s looking for companies and individuals to provide money to get it started.
Working party chairman David Talbot said he was pleased with the level of interest shown, adding presentations will be made to any groups and organisations who want to hear its plans.
A credit union is a financial co-operative owned and controlled by its individual members and provides an alternative to banks. It provides members with accessible savings, low cost loans and other financial services and advice.
Mr Talbot said: ‘Money that comes in stays on the Isle of Man, circulating round the island when it is loaned out. From that point of view it does contribute to the national economy. Money that goes into a bank – who knows where that goes and what it funds?’
Mr Talbot said if 200 people gave £500 ( a total of £100,000), it would provide the money needed for equipment to set it up and working capital.
The working party also outlined its plans at Douglas Town Hall following an invitation from Mayor Carol Malarkey.
They were joined at both meetings by UK Credit Unions Limited operations manager Dawn Vear. In the UK there are about 500 credit unions.
Copies of a leaflet launched by the working party are available from Nadine House, in North Quay, or call 619459.
www.mcu.im