Credit union members can rest easy in the assurance that their savings are safe.
Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:
- All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
- Savings (shares and deposits) are covered up to €12,700 by the Savings Protection Scheme organized by the Irish League of Credit Unions.
- Savings (shares and deposits) up to €100,000 are automatically covered by the Government Deposit Guarantee Scheme.
- All monies received in the credit union are properly recorded and lodged regularly.
- Full financial statements are prepared, audited independently, and can be examined by members.
- Annual independently audited returns are lodged with the Central Bank of Ireland.