Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme, which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business.

It covers deposits held with Malahide & District Credit Union and any other banks or building societies in the republic of Ireland. The maximum amount a credit union member can receive under this scheme is €100,000.

The Deposit Guarantee Scheme covers:

  • Current accounts;
  • Demand deposit accounts;
  • Term deposit accounts;
  • Share accounts and deposit accounts with building societies; and
  • Share accounts and deposit accounts with credit unions.