THE Credit Union in Larne has made a substantial deposit with Charity Bank, the bank that only invests for social change.
Charity Bank finances charities, social enterprises and community organisations, with the support of depositors and investors who want to use their money to achieve social change. It has agreed loans to over 880 organisations, benefiting at least 3,500,000 people.
Arlene Clements, manager of Larne union, said: “The investment means that our funds will earn a fair interest rate while being recycled in the local community through loans to charities and community organisations. This complements the services that we provide as a credit union.”
She added: “Like the credit union movement, Charity Bank is a not-for-profit organisation. We are delighted to have found a way to use our members’ savings for the benefit of the local community, while receiving a fair return for our investment”.
Uniquely, Charity Bank is regulated by both the Financial Services Authority and the Charity Commission of England and Wales and is a member of the Financial Services Compensation Scheme. As well as offering a secure home and a fair return, depositors’ money is only invested in organisations that benefit society.
Charity Bank’s Ireland representative, Niamh Goggin, was delighted to accept the deposit from Larne. She said: “Charity Bank specialises in lending to charities, voluntary organisations, community groups, sports clubs and churches. We want to work with the credit union to get that message across. This means that we can recycle the savings of credit union members to reinvest in their local common bond area. Together we can deliver a fair financial return and a make a real social impact.”