Carmarthen West and South Pembrokeshire Labour MP Nick Ainger and Assembly Member Alun Davies have welcomed progress made by the Welsh Assembly Government to ensure credit unions in Wales offer Child Trust Fund accounts.

Across Wales, 18 credit unions now afford members the chance to set up a Child Trust Fund, including the Landsker and Haven Credit Unions.

Nick Ainger and Alun Davies welcomed the news that Haven Credit Union had received a Pembroke Dock Award for services to town in recognition of the service it provides to the local community.

Founder member of the Haven credit union, Nick Ainger MP said: "The Child Trust Fund gives every child a boost to get into the savings habit. The government gives £250 when they are born and another £250 on their seventh birthday. Those in low income families or disabled get extra help. It's now even easier for parents and relatives to top up the trust funds using local credit unions."

The expansion in the number of credit unions able to offer Child Trust Fund accounts from three to 18 has been supported by a £350,000 package from the Welsh Assembly Government. The project has been administered by the Wales Co-Operative Centre.

Alun Davies AM, who has championed credit unions across the Mid and West Wales region since being elected, said: "A quarter of all Child Trust Fund providers in the UK are Welsh credit unions. This offers greater choice and raises the potential of the Landsker and Haven Credit Unions to offer greater services to the people of Pembrokeshire and West Carmarthenshire.

"Credit unions offer strength in numbers and offer a range of excellent rates and a far more locally responsive way of operating. I am encouraged by the numbers of people in West Wales opening accounts locally."