Council to invest in credit union
PUBLISHED: 17:04 19 November 2012
Exmouth Town Council is set to invest £2,500 from its cash reserves in the Plough and Share credit union.
The move will cost the council around £50 a year in interest compared to a regular savings account, but members of the council’s finance committee decided that the benefits of investing in the credit union for the community outweighed the loss of interest, or concerns about the risk involved.
Deputy chairman of the committee, Councillor Trevor Cope, said: “[This investment] means we’re supporting an organisation dealing with the needy in our town.
“People are needing support and I think that credit unions are a way of assisting with that, and investing £2,500 may get more organisations interested in that.”
The committee’s decision will now need to be ratified by the full town council before it goes ahead.