The Independent Senator Joe O'Toole today published a Private Members Bill, which seeks protection for the €12 billion in savings held by Ireland's credit union members. 

The Credit Unions Savings Protection Bill 2007 will bring statutory protection to credit union members' savings up to the levels provided by Irish banks and building societies since 1995.

Senator Joe O'Toole said while banks and building societies by law have a deposit insurance scheme to protect the savings of customers, such provision does not exist for Irish credit unions.

He said this will now be addressed by the Credit Union Savings Protection Bill.

The Bill will be published and circulated to TDs and Senators this weekend and is expected to be debated in the Seanad at the end of the month.