Deposit Guarantee Scheme
Credit Unions are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. This is a scheme which compensates members for money lost from savings and deposits if their Credit Union is forced to go out of business.
The maximum amount a credit union member can receive under this scheme is €100,000.00.
Deposit Guarantee Scheme Information:
Central Bank of Ireland
New Wapping Street,
North Wall Quay,
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members savings by making available financial assistance to help a credit union which may experience difficulty.