Credit Union Savings Protection Bill 2008

Public bill · Private Member · Introduced

The proposal would create a Credit Union Savings Protection Company and a fund, financed mainly by mandatory contributions from credit unions, to protect members if a credit union cannot repay their savings. Eligible members would generally receive 90% of their savings, up to €20,000, with payments intended within three months; the scheme could also provide financial help to struggling credit unions. The Central Bank’s regulatory authorities would oversee the scheme, while credit unions would face information, reporting and contribution requirements, with penalties for non-compliance.

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