Deposit Guarantee Scheme
Ballinasloe Credit Union is bound by the Deposit Guarantee Scheme, which is provided for in the European Communities (Deposit Guarantee Schemes) Regulations 1995 (SI 168/1995) (as amended) (the “Deposit Guarantee Regulations”). This compensates eligible deposit holders in the event of a failure of a credit institution. Where compensation is payable, it relates to all deposits held by one depositor subject to a maximum compensation payment of €100,000. On 4th October 2008 the Minister for finance extended this guarantee to credit union member savings