Credit where credit’s due
Royal honour for union stalwart John
An Elderslie man was honoured at Buckingham Palace yesterday for his work with Scottish credit unions.
John Mackin was given an MBE by Prince William for his contribution to the movement in Scotland and throughout the United Kingdom.
John Mackin has been a director of Credit Unions of Glasgow Ltd for many years, which has helped offer communities alternatives to high interest payday loan companies.
Mr Mackin said: “We were the fourteenth credit union to be set up in the UK.
“Now there are very few major credit unions who have not come to us to find out more and to help set up themselves over the years.
“Over the years former First Minister Donald Dewar was very supportive, as was former Prime Minister Gordon Brown.”
“They were very sympathetic and after devolution, the Scottish political establishment became aware of credit unions and what can be achieved in communities.”
John, now aged 72, a former bus conductor, said more challenges lie ahead.
“Many people are in more debt than in previous years, and we have to lend very prudently,” he said.
“We would be doing no one any favours by lending the money and asking no questions. We also have to be vigilant with our members’ money.”
The credit union movement in the UK has moved on significantly and attracting more affluent members.
Mr Mackin said: “In the past, some people thought we were a poor man’s bank, but nothing could be further from the truth. We have some fairly wealthy members who have been very astute over the years and have savings of up to £75,000, all of which is fully protected by the
Financial Services Compensation Service, in the same way as banks and building societies.”
Credit union members pool their savings into a common fund and make low-interest rate loans to each other. They are not-for-profit, fully autonomous financial co-operatives which are committed to the service of members.