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News Now

CU System
Irish regulators change deposit insurance limit
BELFAST, Northern Ireland (12/13/11)--Northern Ireland's credit union members will have their deposits protected up to 85,000 euros (roughly $112,000), said the country's Financial Services Authority (FSA) and Her Majesty's Treasury.

The change will go into effect March 31 when regulation of Northern Ireland's 177 credit unions is passed to FSA from the Northern Ireland Department of Enterprise and Investment (bankingtimes.co.uk Dec. 11 and compliancy-services.co.uk Dec. 9).

With the move, credit union members will have the same protections as customers using banks, and will have access to the Financial Ombudsmen Service, Martin Stewart, FSA head of building societies and credit unions, told Banking Times.

FSA will help credit unions prepare for the transfer by hosting road shows in several Northern Ireland cities, Stewart added.


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