Credit Union Savings Protection Bill 2007

Public bill · Private Member · Introduced

The Credit Union Savings Protection Bill 2007 would create a national scheme to protect members’ savings if a credit union could not repay them or was wound up. A new company, overseen by the financial regulator, would run the scheme, funded mainly by compulsory contributions from credit unions—normally 2% of their total euro savings. Eligible members would generally receive 90% of their unavailable savings, up to €20,000 per person, with payments intended within three months of a formal decision that the credit union could not pay. The company could also provide loans, guarantees or other financial help to struggling credit unions where this protected members’ savings, while credit unions would face reporting duties, inspections and penalties for failing to participate or pay.

Formal long title

Bill entitled an Act to provide for the establishment of the Credit Union Savings Protection Company; to establish a statutory scheme for the protection of savings of members of Credit Unions; to establish arrangements for financial assistance to Credit Unions; and to provide for related matters

Last updated 12 April 2018