Hollywood actor opens community bank driven by church minister

HOLLYWOOD film star Michael Sheen has officially opened a new branch of a community bank spearheaded by a Church of Scotland minister.

The actor joined the Rev Iain May at the premises of Castle Community Bank on Great Junction Street in Edinburgh.

The minister of South Leith Parish Church used to work for the Royal Bank of Scotland, American Express and Allied Irish Banks.

After he entered the ministry, he decided to use his knowledge and expertise to embark on what he calls a “social justice mission” that provides the community with an afordable alternative to payday lenders.

Castle Community Bank, formed by the merger of Castle Credit Union and North Edinburgh Credit Union in 2015, ofers a range of savings products as well as loans, available to anyone who lives in an EH postcode.

The fiinancial co-operative operates as a social enterprise and has helped more than 1,500 people get access to fair and afordable credit.

Mr May, chairman of Castle Community Bank, said: “This is an amazing coup for us and we’re delighted to be bringing a touch of Hollywood to Leith.”

Cabinet Secretary for Communities, Social Security and Equalities, Angela Constance MSP, also joined the actor to open the new branch.

Mr Sheen was in Scotland recently to launch the End High-Cost Credit Alliance. He founded it as part of his crusade against high-cost lenders – particularly “pay day loans” companies.

Mr Sheen said: “It’s my great pleasure to stand here today not just as an actor but also, as part of a bold new movement to eradicate high cost credit, the founder of the End High Cost Credit Alliance.

“It is a real honour to be here in Leith to oicially open the new branch of Castle Community Bank.

“Your local, fair and responsible inance provider.

“The work being done here by stakeholders, including the Carnegie UK Trust, Social Investment Scotland, Scottish Government and the providers of fair credit such Castle Community Bank, Scotcash, Conduit and others, has served as a real inspiration to me and the members of the Alliance.”

Mr Sheen said everyone has a “role to play” in promoting fair and responsible credit.

“The battle to make credit unions as effective as possible in taking on the high cost lenders can be a challenging one,” he added.

“But Castle Community Bank shows us many of the characteristics I think are needed to take an innovative, bold approach to those challenges.”

Mr May said it was a “great honour” to have Mr Sheen and Ms Constance open Castle Community Bank’s new branch in Leith.

“When many other high street banks are closing branches, it is good we are able to open one to serve local people,” he added.

“Sometimes people mistakenly believe that credit unions are only there for emergencies or for people who are on beneits 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.

“Whether that is creating or improving their family homes, buying a car or to help prepare for and manage life events, like having a baby or planning their wedding.”

Ms Constance said everyone should have access to the inancial products they need to help them get on in life.

“They should not feel 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,” she added.

Left to right: Ben Macpherson, MSP for Edinburgh Northern and Leith, Michael Sheen, Cabinet Secretary for Communities Angela Constance MSP and Rev Iain May

This article appears in the July 2018 Issue of Life and Work

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