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At the sharp end of the credit crisis: A profile of Valleys Credit Union

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  • Molly Scott Cato
  • Jan Myers
  • Steven Howlett

Abstract

The near-collapse of the country’s largest financial institutions and the forced nationalisation of two major high-street banks raise concerns about the ability of smaller financial institutions to survive. In this article we assess the performance of a credit union in the South Wales Valleys in the context of the financial crisis. We offer a profile of Valleys Credit Union and provide statistics to assess its financial health and viability. We conclude that, while the credit union has ridden out the storm with considerable skill, it and other credit unions require continued political support, especially in terms of intervention in the market for instant loans with excessive rates of interest.

Suggested Citation

  • Molly Scott Cato & Jan Myers & Steven Howlett, 2013. "At the sharp end of the credit crisis: A profile of Valleys Credit Union," Local Economy, London South Bank University, vol. 28(6), pages 539-552, September.
    • Handle: RePEc:sae:loceco:v:28:y:2013:i:6:p:539-552
    DOI: 10.1177/0269094213496757
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    References listed on IDEAS

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    1. Andrew Leyshon & Dawn Burton & David Knights & Catrina Alferoff & Paola Signoretta, 2004. "Towards an Ecology of Retail Financial Services: Understanding the Persistence of Door-to-Door Credit and Insurance Providers," Environment and Planning A, , vol. 36(4), pages 625-645, April.
    2. Jan Myers & Molly Scott Cato & Paul A. Jones, 2012. "An ‘alternative mainstream’? The impact of financial inclusion policy on credit unions in Wales," Public Money & Management, Taylor & Francis Journals, vol. 32(6), pages 409-416, November.
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