Senator proposes Credit Union savings protection

THE savings of the country’s two million credit unions members would be guaranteed by law under a proposed compensation scheme.

The proposed Credit Union Savings Protection Bill, which will be introduced into the Seanad by Senator Joe O’Toole, will make the savings of those in credit unions as safe as those in banks and building societies.

At present the €14 billion in assets held by nearly 500 credit unions across the country is unsecured even though each credit union contributes to a savings protection scheme.