South West Norfolk MP Christopher Fraser had been set to open the Iceni Community Bank, a branch of the Norfolk Credit Union, at Swaffham Community Centre until he was detained on urgent business at the House of Commons.

Instead, Mr Hickey welcomed guests and cut a ribbon to officially open the bank, run by a financial co-operative that is owned and democratically controlled by its members and run solely for their benefit.

The guests included Swaffham Deputy Town Mayor David Harman, Norfolk Credit Union president Alan Squirrell and board member David Williams, and Peddars Way Housing Association chairman Andrew Egerton-Smith and director David Seaton.

Mr Squirrell spoke about the importance of having a credit union during times of tight financial restraint and of the important role of the volunteers running the branches.

The Iceni bank has a team of 14 volunteers trained to run the branch, which will be open for business every Tuesday afternoon, between 1pm and 4pm, at the community centre in Campingland.

Iceni Partnership manager Dennis Tallon said members save with the credit union then take out loans if they wish.

Interest rates are very competitive for small loans and some free insurance is provided for members.

"Savings do not attract a set interest rate but any profits made by the credit union are paid out to savers as an annual dividend," he said.

The new bank is registered with the Financial Services Authority and Peddars Way Housing Association is a partner in the venture because it is keen to see its tenants avoid the high interest rates charged by loan sharks, he added.

Anyone aged over 16 is eligible to join, membership costs £1 and applications must be approved by the credit union board of directors to comply with the FSA regulations.

"Community-minded people put the money in as opposed to someone trying to make a fast buck," Mr Tallon told the Lynn News.

"The people saving with it know that it is safe and affordable, and all the cash stays in the community."

He said applications to join were already coming in and four more volunteers would soon be trained.