The Savings Protection Scheme
The Irish League of Credit Unions Savings Protection Scheme protects the individual savings of members by making sure that credit unions are financially and administratively sound and by providing remedial help to any credit union which shows signs of weakness in these areas. It is testimony to the safe and sound management of credit unions in Ireland that no member of an Irish Credit Union has ever lost money through a credit union getting into financial difficulty. Participation in this scheme is mandatory on the credit unions affiliated to the Irish League of Credit Unions. There is no direct cost to members for the participation of Ballyfermot Inchicore Credit Union in this scheme.
The State Deposit Guarantee Scheme
Credit Union Members benefit from the state deposit guarantee scheme, which guarantees savings up to a limit of €100,000 per person.
For further information on the Deposit Guarantee Scheme please download the following PDF document:
One of the great benefits of credit union membership is the free insurance provided on savings and loans and members frequently ask about it.
Still have questions? We would be happy to answer any question you may have.
