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Your savings are covered by the Government Guarantee Scheme. This means that each members savings are protected 100% up to a maximum of €100,000.
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The return on savings is determined by the performance of the Credit Union each year. Out of the Surplus made ( similar to profit) the Board of Directors will recommend the approval of a Dividednd to the members attending the AGM. This Dividend (similar to interest) is then applied to the members account. The dividend for the financial year 2009 is 1.5%
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Credit union members can rest easy in the assurance that their savings are safe. Credit unions in Ireland are secured in several ways: All officials of credit unions whether volunteers or staff must be Fidelity Bonded Members savings within certain limits are in sured through Life Savings insurance Added confidence for members is given by the fact that: All monies received in credit unions are properly recorded and lodged regularly Full financial statements are prepared and can be examined by members Annual independently audited returns are lodged with the relevant regulatory authority
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