Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business.
It covers deposits held with Banks, Building Societies and Credit Unions.
The maximum amount a Credit Union member can receive under this scheme is €100,000.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to pro-actively intervene to protect members’ savings by making available financial assistance to help any Credit Union which may experience difficulties.
Also, members’ savings are insured through Life Savings insurance.
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