AFTER eight fascinating years, the pre-launch phase of York Credit Union comes to an end this month when we open for business to serve the citizens of York.

It began with a public meeting I organised in December 1997, which attracted more than 60 people. A core group of enthusiastic volunteers then started meeting regularly with the aim of bringing the benefits of a credit union to York.

Several hundred people have been involved so far in starting this financial co-operative, as credit unions have a proven track record in helping their members beat the poverty trap and get a better quality of life.

When we open we will encourage members to save money regularly and offer them access to affordable loans and other services which are cheaper than many high-street lenders and door-to-door lenders.

Savers will know that their money is safe and being used to help local families who may have previously turned to lenders who charged phenomenal interest rates alongside other unfair practices.

Credit unions are owned and run by their members, who receive professional training and are overseen by the Financial Services Authority. York Credit Union is, in effect, a local ethical bank, a green solution to the insidious problem of the poorest in society being charged the most for financial services. I want to thank all the individuals and organisations who have worked so hard to get the credit union this far.

Our next job is to get as many people to join, get involved and use the service, so reducing the profits of the rip-off merchants and increasing the quality of life of the least well-off in society. The work is just beginning. If you want to join, and live or work in York, then phone 01904 676633 and speak to Mike or Peter.

John Cossham,

Hull Road,

York.

Updated: 09:03 Saturday, April 01, 2006