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 Mitchelstown 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.