Lower Iveagh Credit Union payments in the post
21st November 2014
Payments have now been made to some 440 members of Lower Iveagh Credit Union ('Lower Iveagh CU'), the Financial Services Compensation Scheme (FSCS) says.
The payments were in the post a day after the credit union, based near Belfast, was wound up on 19 November 2014. It makes good on the FSCS promise to pay back members within a week.
Credit union records show nearly 440 members of Lower Iveagh CU were due compensation for the deposits they held.
Kate Bartlett, Director of Operations, says: "FSCS protects people when authorised financial services firms go bust. So I'm pleased to confirm FSCS payments have now been made to members of the Lower Iveagh Credit Union. It is good news for those members."
FSCS is aware that the credit union held over £400,000 on deposit for its members. People with less than a thousand pounds will receive a letter to get cash over the counter at their Post Office. Anyone with more than this will receive a cheque.
FSCS protects savings up to £85,000, which covers about 98% of people in the UK with bank, building society or credit union accounts. Since 2001, FSCS has protected more than 4.5m people and paid out more than £26bn. You can find out more about FSCS protection for deposits at www.fscs.org.uk/protected
For more information, visit our Q&As for deposits.