Restoration of credit union services to Rush and Lusk Areas Continuity of Life Savings Insurance announced
Media Release: 11 November 2016
Following the appointment of a provisional liquidator last week to Rush Credit Union, the ILCU, conscious of the demand for the services of a credit union in the local area, examined alternative arrangements that could be put in place to provide credit union services for the former members of Rush Credit Union. As such, Progressive Credit Union has agreed and gained approval to extend its common bond to the Rush & Lusk areas at its recent AGM and is now accepting membership applications.
The Government’s Deposit Guarantee Scheme (DGS) has commenced compensation payments to the former members of Rush Credit Union amounting to €22.3 million to date. Members started to receive their payments on the 11th of November 2016.
The ILCU and its Life Assurance Company ECCU Assurance have made arrangements to facilitate the former members of Rush Credit Union and allow their savings history for Life Savings purposes accrued with Rush Credit Union to be transferred and continued for those who wish to lodge their DGS cheques with an ILCU affiliated credit union before 31st December 2016. This is positive news for everyone concerned.
Overall, the credit union movement is strong and well capitalised. Total capital held by the movement is €2.2 billion. Credit union loan provisions exceed loan arrears by over €200 million, and this buffer is in addition to the capital reserves held.
Our movement continues to grow because our members – ordinary people in communities throughout Ireland – rely on credit unions for the valuable service they provide. A vibrant credit union movement is critical for both the national and local economies. Credit unions are unique because they are not-for-profit, democratically controlled, member-owned cooperatives. They are changing to meet members needs and continue to succeed and be popular because they have stayed true to their values and ethos.