Credit Unions – Savings Limit Change

Closed 13 Sep 2020

Opened 3 Aug 2020

Feedback updated 8 Dec 2020

We asked

We asked for your views on increasing the limit on holding ordinary shares (savings limit) in a credit union.

You said

20 responses were received, none of which opposed the idea and 18 were wholly supportive.

We did

The legislation was made as proposed and will come into effect in January 2021, subject to Tynwald approval.

Results updated 8 Dec 2020

Files:

Overview

A proposal to make an Order that will increase the limit for savings in a credit union.

Why we are consulting

Required by section 28 Credit Unions Act 1993

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Tenants
  • Landlords
  • Employees
  • Older people
  • Homeowners
  • Self-employed
  • Retired
  • Volunteers
  • Unemployed
  • Parents, carers and & guardians
  • People with disabilities or long term illness
  • Leaseholders/ landowners
  • Lesbian, gay, transgender & bisexual
  • Civil and public servants
  • Black & minority ethnic
  • Business owner
  • Road users
  • All residents

Interests

  • Policies, strategies & plans
  • Finance
  • Business