Jonathan Reynolds

Campaigning for the communities of Stalybridge, Hyde, Mossley, Longdendale, and Dukinfield

MP Helps Celebrate Money Spinning Project

MP Jonathan Reynolds joined with members, volunteers and staff to celebrate the success of a Tameside credit union that has transformed the lives of thousands of residents.

Money Spinner Credit Union has its roots in the Hattersley Credit Union, which was set up in response to demand for affordable lending in 1987.

It became Money Spinner when it merged with Dukinfield Credit Union. And now it is poised to become part of the larger Manchester Credit Union, which has around 8000 members.

On Friday, staff and volunteers, past and present, joined together at Dukinfield Town Hall to celebrate the success of Money Spinner and to mark the end of an era.

Among those at the event were Stalybridge and Hyde MP Jonathan Reynolds and Christine Moore, who is chief executive of the Manchester Credit Union.

Jonathan Reynolds MP, who represents the Labour Party and the Co-operative Party, said: "Money Spinner has played a vital role is securing affordable funding for thousands of residents across Tameside.

"Until the launch of the credit unions that became Money Spinner, people in Hattersley and some areas of Dukinfield could find it really difficult to access competitive loans.

"But since then Money Spinner has been a lifeline to many whose only alternative may have been to turn to doorstep lenders, whose rates can be excessive.

"I am proud of what Money Spinner has achieved - providing often small amounts that have made a huge difference to the lives of members.

"Its success reflects the tireless hard work of dozens of volunteers . And I am proud to have been able to help them celebrate the success and mark the end of an era.

"Money Spinner is a fantastic example of a co-operative organisation in action. And I hope the merger with the Manchester Credit Union will ensure secure and affordable lending for the people of Tameside for many years to come."

Following the event, Manchester Credit Union chief executive Christine Moore said: "The credit union makes a huge difference to people's lives.

"Most people only borrow a few hundred pounds - but members have access to affordable financial services with affordable rates of interest.

"As a former board member of the Hattersley Credit Union I am really proud and delighted that Money Spinner is now part of the Manchester Credit Union, which will enable members to access a wider range of services, such as the credit union current account."

More information about the Manchester Credit Union can be found at www.manchestercreditunion.co.uk or by calling 0161 231 5222.

Published August 9, 2011

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