News

The Irish Deposit Guarantee Scheme (“DGS”) covers deposits held in banks and credit unions in Ireland authorised by the Central Bank of Ireland. 

10 July 2020: Deposit Guarantee Scheme Payments Issued.  Following invocation of the Deposit Guarantee Scheme on 2 July 2020, the DGS has issued compensation payments by cheque 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.

24 October 2017: Deposit Guarantee Scheme Payments Issued.  Following invocation of the Deposit Guarantee Scheme on 13th October 2017, the DGS has issued compensation payments by cheque to approximately 10,900 members of Charleville Credit Union.  The total amount of compensation paid amounts to approximately €39.2 million representing over 98% of eligible deposits covered by the Scheme.  Members should start receiving their payments shortly.

10th November 2016 : Deposit Guarantee Scheme Compensation Payments Issued Following the invocation of the Deposit Guarantee Scheme (DGS) on 2nd of November 2016, the DGS has today issued compensation payments by cheque to approx. 9700 members of Rush Credit Union.  The total amount of compensation paid to date amounts to €22.3 million, representing 98% of deposits covered by the Scheme.  Members should start receiving their payments from 11th of November 2016.

A new EU Directive on Deposit Guarantee Schemes (2014/49/EU) has been introduced. The EU Directive is aimed at harmonisation and simplification of protected deposits, a faster pay-out and improved financing of DGS schemes. In addition, new depositor information requirements have been introduced in order to ensure that depositors are aware of the key aspects of protection of their deposits by the DGS.