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| Welsh summit on economic crisis | Welsh summit on economic crisis |
| (about 1 hour later) | |
| Wales' leading public figures are set to meet to examine the impact of the credit crunch on the country's economy. | Wales' leading public figures are set to meet to examine the impact of the credit crunch on the country's economy. |
| Welsh Assembly Government ministers have called business and union leaders to the All-Wales Economic Summit at the Senedd in Cardiff Bay. | Welsh Assembly Government ministers have called business and union leaders to the All-Wales Economic Summit at the Senedd in Cardiff Bay. |
| First Minister Rhodri Morgan will chair the meeting which will focus on the impact of the global recent financial turmoil and how to protect Wales. | First Minister Rhodri Morgan will chair the meeting which will focus on the impact of the global recent financial turmoil and how to protect Wales. |
| Plans to give people in Wales access to a credit union will also be announced. | Plans to give people in Wales access to a credit union will also be announced. |
| The assembly government has repeatedly said it will use all economic levers under its control to protect businesses and jobs. | The assembly government has repeatedly said it will use all economic levers under its control to protect businesses and jobs. |
| Deputy First Minister and Minister for Economic Development and Transport Ieuan Wyn Jones and Secretary of State for Wales Paul Murphy will attend the meeting. | Deputy First Minister and Minister for Economic Development and Transport Ieuan Wyn Jones and Secretary of State for Wales Paul Murphy will attend the meeting. |
| The summit will also involve some of Wales' top business leaders, trade unionists and representatives from businesses from all the country's key economic sectors including construction, retail and financial services. | The summit will also involve some of Wales' top business leaders, trade unionists and representatives from businesses from all the country's key economic sectors including construction, retail and financial services. |
| It will also look at safeguarding key business sectors and the wider economy. | It will also look at safeguarding key business sectors and the wider economy. |
| 'First hand' evidence | 'First hand' evidence |
| Talking about convening the summit, Mr Morgan said: "I want to hear at first hand from businesses on how the current financial crisis is having an impact on them. | Talking about convening the summit, Mr Morgan said: "I want to hear at first hand from businesses on how the current financial crisis is having an impact on them. |
| "The aim is to discuss in detail the challenges that are facing us as a result of the credit crunch and to examine how we can respond further to its impact on Wales." | "The aim is to discuss in detail the challenges that are facing us as a result of the credit crunch and to examine how we can respond further to its impact on Wales." |
| The assembly government has already started taking steps to protect the national economy and allocated more than £290m within its recent draft budget to fund the Flexible Support for Business programme which will ease access to its funding. | The assembly government has already started taking steps to protect the national economy and allocated more than £290m within its recent draft budget to fund the Flexible Support for Business programme which will ease access to its funding. |
| It also recently introduced a £7m rate relief package to help smaller businesses. | It also recently introduced a £7m rate relief package to help smaller businesses. |
| As the Credit Crunch bites shoppers have been lookign for bargains in charity shops | |
| Earlier this month Mr Morgan and Mr Jones also attended a meeting of the British-Irish Council where they discussed ideas on how to deal with the current economic crisis with their Scottish and Northern Irish counterparts. | Earlier this month Mr Morgan and Mr Jones also attended a meeting of the British-Irish Council where they discussed ideas on how to deal with the current economic crisis with their Scottish and Northern Irish counterparts. |
| The three devolved countries agreed to take a trilateral approach to their joint financial problems and will join together to try and come through their economic crises. | The three devolved countries agreed to take a trilateral approach to their joint financial problems and will join together to try and come through their economic crises. |
| At around 1500 BST on Thursday, Social Justice and Local Government Minister Dr Brian Gibbons will officially announce plans which will give people in all parts of Wales access to a credit union. | At around 1500 BST on Thursday, Social Justice and Local Government Minister Dr Brian Gibbons will officially announce plans which will give people in all parts of Wales access to a credit union. |
| Credit unions operate by members saving into a common fund which is then used to make low-interest loans to other members. | Credit unions operate by members saving into a common fund which is then used to make low-interest loans to other members. |
| Any surplus made from the granting of these loans is then reinvested in the credit union or re-distributed to the members in the form of a dividend. | Any surplus made from the granting of these loans is then reinvested in the credit union or re-distributed to the members in the form of a dividend. |
| There are more than 40,000 adult credit union members across the country with accounts totalling £16m. | There are more than 40,000 adult credit union members across the country with accounts totalling £16m. |
| Dr Gibbons said that achieving all-Wales credit union coverage is a major milestone and will outline how £1.75m will be invested by the government under its One Wales commitment. | Dr Gibbons said that achieving all-Wales credit union coverage is a major milestone and will outline how £1.75m will be invested by the government under its One Wales commitment. |
| "Due to the way in which they operate, credit unions can and do help to combat financial exclusion and rebuild consumer confidence," he said. | "Due to the way in which they operate, credit unions can and do help to combat financial exclusion and rebuild consumer confidence," he said. |
| "This is why the assembly government continues to support the movement, helping credit unions to develop and grow, to realise their full potential as social enterprises and a focus in their communities." | "This is why the assembly government continues to support the movement, helping credit unions to develop and grow, to realise their full potential as social enterprises and a focus in their communities." |