In 1980, the first credit union was registered in Wales. The St Therese's Credit Union served the Catholic community living on a housing estate in Port Talbot. In the 1990s membership of credit unions in Wales grew as credit unions helped to deliver anti-poverty and financial inclusion policies in cooperation with local authorities and national charities. By 1997, 31 credit unions were registered in Wales. Following mergers between smaller credit unions the number of registered credit unions in Wales reduced to 26 by 2010. Between them the 26 credit unions achieve all-Wales coverage. According to Bank of England figures, the number of credit union members in Britain nearly doubled from 562,000 in 2004 to almost 1.04 million in 2012, while total assets increased from £432m to £956m. However, the number of active credit unions in Britain fell from 565 in 2004 to 390 in 2012. Some merged with rivals but others ceased trading, at least fourteen of them between January 2012 and July 2013.
