Following invocation of the Deposit Guarantee Scheme (DGS) on 2 July 2020, payments by cheque have issued to approximately 4,600 members of Drumcondra and District Credit Union. The total amount of compensation paid amounts to approximately €12.9 million, representing over 95% of eligible deposits covered by the scheme. Members should start receiving their payments shortly.
In certain instances, the DGS may need some additional information before payments are made, for example in the case of a deceased member’s estate or if updated address details are required. Further information is available in the DGS FAQ.
Information on the Deposit Guarantee Scheme – The Deposit Guarantee Scheme is administered by the Central Bank of Ireland. It protects eligible deposits up to €100,000 per depositor per credit institution (banks, building societies, and credit unions) authorized in Ireland.