There has been some media attention in recent days regarding the Irish League of Credit Unions operated Savings Protection Scheme (SPS)
Tipperary Credit Union would like to reassure members that we are financially independent of other Credit Unions, have sound finances, and that your MONEY IS SAFE IN OUR HANDS. Tipperary Credit Union Limited is affiliated to the Irish League of Credit Unions.
Members can take comfort in remembering that individual member savings of up to €100,000 in your credit union are guaranteed by the Deposit Guarantee Scheme operated by the Central Bank of Ireland. We also pay a levy to the Central Bank which is in place for financial institutions should one of them face collapse
Q: Is my money safe?
A: Yes, one hundred thousand times, yes. This is because all accounts in Tipperary Credit Union are covered by the Deposit Guarantee Scheme, which is a permanent scheme set up by law and operated by the Central Bank of Ireland.
If there is any major problem with any credit union, your account money will be paid to you up to a maximum of €100,000. All credit unions are part of this scheme regardless of their representative body.
Q: So what is this SPS then?
A: The Savings Protection Scheme (SPS) was set up in 1989 by credit unions affiliated to the Irish League of Credit Unions, the largest representative body for the movement.
The SPS pre-dates the State’s deposit guarantee scheme (DGS), and was designed to protect the savings of credit union members.
It is supposed to do this by providing funding and other assistance to credit unions in financial difficulties.
Credit unions that are members of the league pay a combined €8m into the SPS fund every year.
Tipperary Credit Union remains a strong, secure financial co-operative which continues to use the funds from member savings they have built up in a co-operative manner in the best interests of all members. We have a professional team managing your Credit Union and we are well positioned to continue to provide for member saving and loan requirements in a safe and secure way.
We will continue to keep our members informed of any credit union industry concerns and we continue to remind our members that we are confident that Tipperary Credit Union along with other progressive, professional credit unions in Ireland are well placed to ensure the safety of member savings.
If you have any questions on the information above or on recent newspaper articles don’t hesitate to contact us.
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