FRIDAY, NOVEMBER 2: Government is to back a trade union credit union with a cash grant, it was revealed on Friday.
Premier and Minister of Finance Paula Cox declined to comment on how much the grant to the BIU credit union might be.
But she said: “The amount of that grant is not going to be extremely high, but it will provide some coverage. We find ways to be helpful without being over-lavish.”
Ms Cox said that the money would be itemized in the Budget for 2013-14, which is due to be revealed early next year.
Earlier, delivering the Throne Speech on behalf of Government, Governor George Fergusson said: “The mission of the credit union is to promote the economic interests of its members.
“In these testing economic times, members of the BIU credit union have sought assistance from their cooperative in large numbers.
“The credit union has struggled to respond while minding the discipline of its fiduciary requirements. To assist the credit union in its time of need, your Government will provide the credit union with grant funding in the new fiscal year.”