Major credit union plans to limit savings accounts to €40,000

Irish Times | Jun 5, 2020 at 7:00 AM
  • One of the country’s largest credit unions plans to introduce a maximum limit on savings accounts of €40,000 from July 1st due to the cost of placing money on deposit with banks and a lack of demand for new loans resulting from the Covid-19 lockdown of the economy.
  • The Central Bank requires credit unions to maintain 10 per cent of their assets as a minimum reserve.
  • The Dublin-based credit union introduced current accounts for its 30,000-plus members this year.