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Home arrow News arrow Slemish n tha Braid Credit Union Makes Social Investment in Charity Bank
Slemish n tha Braid Credit Union Makes Social Investment in Charity Bank Print E-mail

Slemish n tha Braid has become the first Ulster Federation credit union to make a social investment in the UK’s only bank that is also a charity*.By opening a deposit account with Charity Bank, its reserves will earn a fair interest rate, while being reinvested in the local community through loans to voluntary and community organisations, charities and social enterprises. 



Like many credit unions in Northern Ireland, Slemish n tha Braid has built up substantial credit balances from its many savers.  Under current credit union legislation, it is unable to lend directly to voluntary and community organisations itself.  Charity Bank specialises in lending to these organisations and is covered by the Financial Services Compensation Scheme. 

In return for the investment, Charity Bank has pledged to make every effort to lend the money out again to organisations in Slemish’s ‘common bond’ catchment area in Ballymena.  Charity Bank’s Regional Manager, Niamh Goggin, has made a presentation to brief Slemish n tha Braid Board of Directors on the opportunity for charities and voluntary and community organisations in Ballymena to avail of the bank’s services. 

Slemish’s Chairman Ian Anderson says: “Like the Credit Union movement, Charity Bank is ‘not for profit, not for gain’.  We are delighted to have found a way to use our members’ savings for the benefit of the local community, while protecting our investment by depositing in a regulated bank covered by the Financial Services Compensation Scheme.”  Adds Charity Bank’s Regional Manager, Niamh Goggin:  “The credit union movement in Northern Ireland has developed into a world-class social finance sector. 

“Social banks, such as Charity Bank, are still in their early days in the UK and we welcome the opportunity to work co-operatively with successful credit unions like Slemish n tha Braid.  Together, we can deliver a fair financial return and a real social impact through investing in local charities and community organisations.” 

For more details of its loans service and deposit accounts, contact Niamh Goggin, Charity Bank’s Regional Manager in Northern Ireland on 02890 244179, visit the website at www.charitybank.org or email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .