Are My Savings Secure?
Republic of Ireland
In the Republic of Ireland, the Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme, including credit unions.
The DGS covers eligible deposits of up to €100,000 per person per institution.
More information on the DGS can be found at www.depositguarantee.ie
In Northern Ireland, eligible deposits held in banks, building societies and credit unions are covered by the Financial Services Compensation Scheme (FSCS) . If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by the FSCS. This repayment covers a maximum of £85,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.
More information on this scheme can be obtained at http://www.fscs.org.uk
Savings Protection Scheme
Established in 1989, the Savings Protection Scheme (SPS) is a discretionary scheme funded by credit unions affiliated to the Irish League of Credit Unions. The scheme, which is operated by the Irish League of Credit Unions, may intervene to provide support to a credit union which finds itself in difficulty.