Senator calls for credit union law changes

The Department of Finance will come under increasing pressure to change laws governing credit union savings in the coming weeks.

17th February, 2007

This follows the publication of draft legislation by an independent senator last week.

Senator Joe O’Toole said he would introduce a private member’s bill to address gaps in existing legislation that meant many credit union members were at risk of losing their savings if their credit union got into financial difficulty.

The move followed a lengthy impasse between the department, the Financial Regulator and groups representing credit unions over the establishment...

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