Actor and anti-poverty campaigner Michael Sheen opened a new branch of Castle Community Bank on Great Junction Street yesterday.
The star was returning to Leith weeks after the launch the End High-Cost Credit Alliance, which he founded as part of his camapaign against high-cost lenders and pay day loan companies. companies.
“I send most of my time here in Leith!” the actor joked. “I wanted to lend my voice to support what credit unions are doing – giving people a fairer deal, more options and making sure that local money stays here in the the local economy.”
He went on: “Some businesses come in to exploit communities like these – I am here to help let people know that there are fairer, more responsible alternatives available.
“The battle to make credit unions as effective as possible in taking on the high cost lenders can be a challenging one but Castle Community Bank shows us many of the characteristics I think are needed to take an innovative, bold approach to those challenges.
“Communities all across the UK deserve a fairer, more responsible deal. The sort of deal that credit unions can offer. To help those communities thrive, not just survive.”
Castle Community Bank formed by the merger of Castle Credit Union and North Edinburgh Credit Union and offers a range of savings products and loans to EH postcode residents. It’s a not-for-profit credit union and its directors are all volunteers. It was founded by a team led by Reverend Iain May, a former banker who became a Church of Scotland Minister.
Rev Iain May (above, right) said: “Since Castle Community Bank was created in 2015 we are proud that we’ve helped more than 1500 people get access to fair and affordable credit. Sometimes people mistakenly believe that credit unions are only there for emergencies or for people who are on benefits – but nothing could be further from the truth.
“In fact, every day we provide loans to ordinary people and families across Edinburgh and Lothians enabling them to do the things they want in life – create or improve their family homes, buy a car or to help prepare for and manage life events, like having a baby or planning their wedding.
“We are constantly working to raise our profile and get that message out to more and more people, who may otherwise find themselves falling into a cycle of problem debt by taking out hire purchase agreements or pay day loans at punitive rates of interest which they can’t really afford.
“It’s our very real hope that having Michael cutting the ribbon on our new branch will get our name in front of an awful lot more people who may be interested in finding out more about us and maybe using our services.”
Angela Constance, Cabinet Secretary for Communities, Social Security and Equalities, who attended the opening, said: “Everyone should have access to the financial products they need to help them get on in life, without feeling that they have no choice but to turn to organisations such as payday lenders, which often charge extortionate interest rates, leaving people trapped in a cycle of debt.”
Local politicians also welcomed the opening of the new branch. Edinburgh Northern & Leith MSP Ben Macpherson said: “I’m delighted to see the opening of this new Leith branch of Castle Community Bank.
“I’ve supported Castle Community Bank since its foundation, so I’m delighted to see this new branch opening in Leith, giving a fairer option for loans and savings.
“While RBS closes its doors to customers across Scotland, it’s great to see an ethical alternative actually opening a high street branch and seeking to serve the community.
“I’ve been very impressed with the work of founder Rev Iain May since he decided to apply his banking skills to take on the loan sharks and help people break the cycle of debt.
“I wish Iain and the team well and hope Castle Community Bank is a model that can be further developed right across Scotland.”
For further information visit on your local community bank visit Castle Community Bank
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