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Savings are protected in your Credit Union under the following 2 schemes:
Savings Protection Scheme- Irish League of Credit Unions
The Savings Protection Scheme (SPS) of the Irish League of Credit Unions protects the individual savings of members by making sure that the Credit Unions are financially and administratively sound. The savings of individual members may be protected up to a maximum of €12,700. The SPS is fully owned and operated by the ILCU. It was established in 1989 to protect the savings of ILCU Credit Union members. Credit Unions hold €13.4bn in savings: €15.1bn in assets and at over €750m is Ireland’s leading provider of social finance.
Government Deposit Protection Scheme
On 30th September 2008, the government announced guarantee arrangements for certain financial institutions, including Credit Unions. The Deposit Protection Scheme covers share and deposit accounts with Credit Unions. The maximum amount covered under the scheme is €100,000 for each bank, building society or credit union. If you have more than one account with an institution, including joint accounts, the money in those accounts is added together to calculate the total amount of your deposits with that institution.
If you have deposits with more than one institution, you are entitled to claim up to a maximum compensation payment, per institution.
So in answer to the question, are my savings secure with Larkhill & District Credit Union, the answer is YES, they are?
