CU application to the CBI for retention of savings in excess of €100k

The Credit Union Act, 1997 (Regulatory Requirements) 2016 set a maximum individual member savings limit of €100,000. Regulation 36 of the Regulations also provides that credit unions may apply to the Central Bank for approval to continue to hold (but not increase) individual members’ savings in excess of €100,000 held at commencement of the Regulations on 1 January 2016 where they can demonstrate that it is consistent with the adequate protection of the savings of members and effective and proportionate, having regard to the nature, scale and complexity of the credit union, for them to do so. A credit union may choose to apply to retain all or a portion of individual members’ savings in excess of €100,000. The Regulations also provide that credit unions, with a minimum asset size of €100 million, may apply to the Central Bank for approval to increase individual members’ savings in excess of €100,000 where they can demonstrate that it is consistent with the adequate protection of the savings of members and effective an proportionate, having regard to the nature, scale and complexity of the credit union for them to do so. Further information regarding the above can be accessed below: CU application Form to Retain Individual Members’ Savings in excess of €100,000 CU application Form to Increase Individual Members Savings’ in Excess of €100,000