Credit  unions and industrial and provident societies in Northern Ireland are facing a major legislative review, it was revealed yesterday.

Mr Ian Pearson, MP, the Northern Ireland Office Minister with responsibility for Enterprise, Trade and Investment, said it was timely to carry out a review to ensure that local legislation met the needs of both credit union and society members and a modern Northern Ireland economy. Legislation governing credit unions in Northern Ireland dates from 1985, while rules for industrial and provident societies go back to 1969.

"The credit union movement is very important in Northern Ireland, where it encourages small savers and provides financial services to many members of the community who are socially disadvantaged," Mr Pearson said.

There are 187 credit unions in the North with a total of around 340,000 members and £430 million (€673 million) invested.

The first phase of the review is due for completion in October 2003. Interested parties can put forward their views at www.companiesregistry-ni.gov.uk.