Credit Institutions Resolution Levy set to 0% for 2025

Posted on: 25 Sep 2024

The ILCU welcomes the announcement by the Department of Finance that the Credit Institutions Resolution Fund, which is a levy on each credit union based on the size of their assets, has been set at 0% for 2025. This announcement will save the credit union sector €2.5million follows the ILCU’s proposal for the levy to be set at 0% in its pre budget submission for this year (For You. Not Profit. - The Irish League of Credit Unions.

The Credit Institutions Resolution Fund was set up to support resolution actions in the State and is managed and administered by the Central Bank. It is projected to reach its target of €65 million in 2025.

David Malone, CEO of the ILCU said: “This is good news for the credit union sector. The €2.5million will enable credit unions across the country to invest in doing more for their growing membership, supporting access to savings accounts, personal loans, current accounts and mortgages.

"Credit unions provide a range of products and services including saving accounts, loans, current accounts and mortgages, with over 3.6 members on the island of Ireland. More than that, credit unions are not-for-profit financial cooperatives focused on empowering people through access to financial products, giving back to their members and to the wider community.