The average savings per Credit Union member in Ireland was €4,620 in 2007. Total Irish Credit Union savings were at 13.4 billion euro. These figures are from the annual report of the Irish League of Credit Unions – which represents 521 credit unions in the Republic and Northern Ireland.
More than 78% of credit unions paid dividends of between 2% and 3.99% to members last year, while another 4% paid between 4% and 5.99%.
Credit Unions have only a discretionary savings protection scheme in place if they go bust. Quote from the ILCU
“The Savings Protection Scheme protects the individual savings of members by making sure that the credit unions are financially and administratively sound and by providing remedial help to any credit union which shows signs of weakness in these areas. Participation in the Savings Protection Scheme does not confer any legal right on a credit union to receive any financial assistance under the Scheme. Provided assistance is given under the Scheme the savings of individual credit union members may be protected up to a maximum of €12,700”
Nothing definite mentioned – and only 12700 euro is the maximum amount protected. Make your own minds up…
