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The common bond for Sovereign Credit Union is a Geographical Common Bond covering Ayrshire, Arran, Dumfries & Galloway.

This means that membership is available to anyone working or living in those areas. 

A "common bond" refers to the shared characteristic or connection that defines the eligible membership base of a particular credit union. It is essentially a set of criteria that individuals must meet in order to become members of a specific credit union. 

The common bond can be defined in various ways, such as geographical location, occupation, employer, community, association, or other affiliations. For example:

  1. Geographical Common Bond: A credit union might restrict its membership to individuals living or working within a specific geographic area, like a particular town or city.
  2. Occupational Common Bond: Some credit unions are established for specific occupational groups, such as employees of a particular company, members of a profession, or workers within a specific industry.
  3. Community Common Bond: Credit unions can also have a common bond defined by shared community affiliations, such as residents of a particular housing development or members of a specific organization or institution.
  4. Association Common Bond: Credit unions may be formed for members of a particular association, club, or organization.

The common bond serves as a unifying factor among the credit union's members and helps create a sense of community. It ensures that the credit union serves a specific group of people who share a common connection or interest. The common bond criteria are defined and approved by the regulatory authorities in the UK, such as the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), to ensure that credit unions operate within the established guidelines.