Drumcondra and District Credit Union Compensation Payments Issued

There is no need for members to make a claim for Deposit Guarantee Scheme (DGS) compensation. The joint provisional liquidators will provide details of duly verified eligible members and account balances to the DGS. The DGS will then make payments by cheque which will be sent to members at the address held by Drumcondra and District Credit Union.

The DGS will issue compensation payments as early as possible within the statutory deadline of 15 working days to duly verified depositors.

Cheques usually clear within 3-5 working days. More information can be found on the Banking and Payments Federation of Ireland website. 

Where Drumcondra and District Credit Union was not advised that you had changed address, payments will be issued to the last address held for you by Drumcondra and District Credit Union. In order for a payment to be issued to your new address you will need to complete and return a DGS Change of Address form.

Where Drumcondra and District Credit Union was aware that you had changed address but did not hold updated address details, payment will be deferred pending receipt of a completed DGS Change of Address form.

The DGS Change of Address form can be downloaded from depositguarantee.ie. Completed forms should be posted to the address provided on the form.

Completed forms along with supporting documents should be sent to the address provided on the form.  Submissions can also be accepted via email to info@depositguarantee.ie.  however if you choose to use this means of communication please note that the DGS cannot guarantee the security of data when it is transmitted to us via email.  The Change of Address Form can be downloaded from depositguarantee.ie and the supporting documents that are required are listed on the form. 

The DGS requires the original form along with original supporting documents in order to process a claim therefore forms can only be submitted by post to the DGS. The Deceased Member Claim Form can be downloaded from depositguarantee.ie and the supporting documents that are required are listed on the form.  

The DGS Deceased Member Claim Form should be completed by the deceased member’s Credit Union Savings Nominee/Personal Representative. The DGS Deceased Member Claim Form can be downloaded from depositguarantee.ie

The DGS will automatically send a cheque in the name of the account holder for the balance of their account at the date of liquidation. It will be necessary for the account holder to have an account at an alternative institution to lodge this cheque.

Budget accounts with a credit balance are covered by the DGS. A budget account can have either a debit or credit balance depending on the outflow of funds to meet scheduled bills. If you have a debit balance on your budget account you will be required to repay the amount owing.

Un-cashed cheques relating to deposit account balances held in Drumcondra and District Credit Union may be eligible for compensation. If you have a cheque of this type please contact the joint provisional liquidators.

The maximum compensation payable is €100,000 per depositor per institution.

It is based on the balances on accounts in Drumcondra and District Credit Union as at close of business on the date that the joint provisional liquidators were appointed and includes any interest due up to that date. All balances held in the member’s name (including balances held in a joint account or as a beneficiary in a trustee account) are aggregated for the purpose of calculating the maximum compensation owed to the member by the DGS.

The DGS will receive information from the joint provisional liquidators detailing deposits that are eligible for compensation together with a breakdown of individual accounts and balances. The amount of compensation you receive will be the total balance on all your accounts as at the date of appointment of the joint provisional liquidators up to a maximum of €100,000 per depositor.

The DGS will not be in a position to discuss individual accounts or amounts with any member until we have received verified information from the joint provisional liquidators. 

As a general rule, liabilities such as loans are not set off against deposits when calculating DGS compensation. However, the joint provisional liquidators where entitled to do so may set off arrears where they have fallen due on or before the date of the liquidation.

The joint provisional liquidators will contact all members to detail arrangements for repayment of loans.

If you have any queries about loans or treatment of arrears you can contact the joint provisional liquidators at (01) 5008032 or drumcondracreditunion@ie.gt.com

The DGS will receive information from the joint provisional liquidators, which will detail the individual deposit balances of all accounts held by members. If a member does not agree with the amount that they are paid they should contact the joint provisional liquidators on (01) 5008032 or drumcondracreditunion@ie.gt.com

In the case of a joint account, in the absence of special provisions that override the standard arrangement of splitting equally, a joint account shall be divided equally among the depositors. The amount each account holder receives in respect of a joint account will be aggregated with any other balances held by that account holder. This means that each account holder in a joint account would be eligible for compensation up to the maximum limit of €100,000 per person.