I have quite a few thousand in the local credit union.I was wondering how safe it is in the light that some credit unions may run into problems.Is it covered by the recent government guarantee or should I look to move it into another bank account?
I have quite a few thousand in the local credit union.I was wondering how safe it is in the light that some credit unions may run into problems.Is it covered by the recent government guarantee or should I look to move it into another bank account?
The €100,000 guarantee has not yet been legislated for which is a bit of a credit union lacuna. Also consider the time it would take to obtain compensation - which under existing laws could take up to 9 months.
Credit unions themselves are not covered under the Credit Institutions (Financial Support) Scheme 2008.