Deposit Guarantee Scheme
Eligible deposits in First Choice Credit Union Limited are protected by the Deposit Guarantee Scheme (“DGS”)(1)
| Eligible deposits in First Choice Credit Union Limited are protected by: | the Deposit Guarantee Scheme (“DGS”)( 1 ) |
| Limit of protection: | EUR 100 000 per depositor per credit institution ( 2 ) |
| If you have more eligible deposits at the same credit institution: | All your eligible deposits at the same credit institution are ‘aggregated’ and the total is subject to the limit of EUR 100 000 ( 2 ) |
| If you have a joint account with other person(s): | The limit of EUR 100 000 applies to each depositor separately ( 3 ) |
| Reimbursement period in case of credit institution’s failure: | 15 working days ( 4 ) |
| Currency of reimbursement: | Euro or, for branches of Irish banks operating in other EEA Member States, the currency of that State. |
| To contact First Choice Credit Union Limited for enquiries relating to your account: | First Choice Credit Union Limited Market Square Castlebar Co Mayo Tel: 094 9022969 Email: info@fccu.ie |
| To contact the DGS for further information on compensation: | Deposit Guarantee Scheme Central Bank of Ireland PO BOX 11517 Spencer Dock North Wall Quay Dublin 1 Tel: 1890 777777 Email: info@depositguarantee.ie |
| More information: | www.depositguarantee.ie |
| Acknowledgement of receipt by the depositor: | Signed: |
Basic information about the protection of your eligible deposits
Additional Information
(1) Your deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your credit institution should occur, your eligible deposits would be repaid up to EUR 100 000.
(2) If a covered deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum EUR 100 000 per credit institution. This means that all eligible deposits at the same credit institution are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with EUR 90 000 and a current account with EUR 20 000, he or she will only be repaid EUR 100 000.
This method will also be applied if a credit institution operates under different trademarks. This means that all eligible deposits with one or more of these trademarks are in total covered up to EUR 100 000.
(3) In case of joint accounts, the limit of EUR 100 000 applies to each depositor.
However, deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of EUR 100 000.
In some cases deposits are protected above EUR 100000. More information can be obtained under www.depositguarantee.ie
(4)Reimbursement
The responsible Deposit Guarantee Scheme is Deposit Guarantee Scheme, Central Bank of Ireland, PO Box 11517, Spencer Dock, North Wall Quay, Dublin 1, Tel: 1890 777777, Email: info@depositguarantee.ie It will repay your deposits (up to EUR 100 000 ) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31
December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 days from 1 January 2024 onwards, save where specific exceptions apply.
Where the repayable amount cannot be made available within seven working days depositors will be given access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request.
Access to the appropriate amount will only be made on the basis of data provided by the credit institution.
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under www.depositguarantee.ie
Other important information
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your credit institution will also inform you on request whether certain products are covered or not. If deposits are eligible, the credit institution shall also confirm this on the statement of account.