Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee 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 Caherdavin & District Credit Union and any other banks or building societies in the republic of Ireland. The maximum amount a credit union member can receive under this scheme is €100,000.
The Deposit Guarantee Scheme covers:
- Current accounts;
- Demand deposit accounts;
- Term deposit accounts;
- Share accounts and deposit accounts with building societies; and
- Share accounts and deposit accounts with credit unions.
Depositor Information Sheet click here.
For more information please visit www.depositguarantee.ie