Cookies help website users perform certain functions. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website.
If you wish, you can change your cookie settings at any time.
On 1st January 2016, the Central Bank introduced new regulations prohibiting credit unions from accepting lodgements from members that would bring their total savings[1] above €100,000. This €100,000 limit applies per member therefore any joint account held by 2 persons of up to €200,000 can continue.
We have been in discussions with the Central Bank and they have agreed to permit the retention of balances in excess of this limit of €100,000 that were in existence as at 31st December 2015 but importantly we cannot accept any lodgements to such accounts that increase the balance held as at 31st Dec ‘15.
The upshot of the foregoing is as follows:
Any savings balances of €100,000 per member in place at 1st January 2016 may remain but not be increased.
Any members who have brought their savings balances above €100,000 since 1st January 2016 will have the excess above €100,000 returned to them. We shall be in touch with each such member to discuss how, when and to where these excesses shall be paid.
Ronan Flynn
CEO
[1] i.e. shares plus deposits
