With all the press coverage credit unions have been receiving in the past few months, some good and some bad, St Brigid’s Credit Union would like to take this opportunity to assure its members of how safe their money is.
Firstly St Brigid’s Credit Union would like to assure its members that they have not incurred any losses in their investments, and that their investments are 100 per cent capital guaranteed.
Shares in credit unions now have double protection: they have the €100,000 savings guarantee recently announced by the Minister for Finance, and they also have the backing of their own unique €110m fund (Savings Protection Fund ).
Deposit guarantee scheme
This compensates eligible deposit holders in the event of a failure of a credit institution. Where compensation is payable, it relates to all deposits held by one depositor subject to a maximum compensation payment of €100,000.
Savings protection scheme
All credit unions that are affiliated to the Irish League of Credit Unions contribute to a Savings Protection Fund (SPS ). The SPS fund is available to proactively intervene to protect members’ savings by making available financial assistance to help any Credit Union which may experience difficulties. The Savings Protection Fund of the Irish League of Credit Unions currently stands at €110m. Credit unions are over 50 years in operation and to date no member has lost a share.
Each credit union is a standalone financial institution. If any other credit union runs into difficulty it does not affect in any way your local credit union.
In these difficult times, with unemployment rising, it is important that if you are unable to meet your commitment to the credit union that you contact them immediately so they can offer financial assistance. By allowing your account run into arrears you may damage your credit rating; therefore early intervention is essential.
St Brigid’s will continue to operate the credit union in the best interest of all its members, and thanks them for their continued support.
In these difficult times let us work together to support one another and our local community.