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Member Shares Cap

Member Shares Cap

As at 25 July 2020 the maximum savings balances a Member may have in Community Credit Union (“CCU”) will reduce from €100,000 to €25,000.


The following are the new total savings limits:

  • Members over 16 years, Joint accounts and Club/Society/Association accounts €25,000
  • Members under 16 years €5,000

In addition, from 25 July 2020, the credit union’s fixed term deposit accounts will be closed for new deposits.


CCU has recently experienced an unprecedented inflow of funds from Members.  While this level of inflows shows that you, our Members, have great confidence in the credit union, it unfortunately creates issues for the credit union.


With the onset of COVID-19, the demand for loans has reduced and where member savings are not borrowed by other Members, these funds are invested in the financial markets.  At this time, some financial institutions are charging the credit union to hold your savings.


The credit union has to comply with regulatory requirements to increase our reserves in line with increases in the levels of member savings.   As a result, a significant portion of the credit union’s surpluses are required to be placed into our reserves reducing our ability to invest in new products and services for Members (such has improving our technology in the post COVID-19 world) and ultimately, to propose dividends.


For the Members whose savings are currently above the new total savings limits, the credit union will be in contact with you directly (prior to September 2020) to assist you in reducing your savings balance.


As the financial climate changes, we can revisit this issue when we believe it is in the best interest of the credit union and our Members to do so.


We would like to thank you for your continued loyalty and support.  As a membership-based organisation, we recognise and value this support.  We look forward to continuing to serve your financial needs in the future.



Please find a copy of the letter here.