Our research found that the Welsh policy context for credit unions remains supportive, albeit that recent Welsh Government actions and decisions have intensified the debate about whether expectations for the sector are focused upon the provision of financial services to excluded individuals as opposed to developing a self-sustainable credit union sector – and whether these two goals are in conflict. The difficulties associated in pursuing both objectives have become even more profound for credit unions as they enter the last year of their SGEI funding agreements – with several now facing critical decisions around which avenue to take given that funding post-2013 looks unlikely