A Savings Cap was introduced in Comhar Linn in June 2020 and restricted savings in regular and special share accounts to €50,000.   In June 2022 the Cap was reduced to €40,000 and a monthly lodgement limit of €10,000 was also introduced. An increase in member savings during this period was overshadowed by the low-performing investment environment at the time.  The returns on savings and investments were minimal due to continued low interest rates, including, in some cases, negative interest rates. Our guiding principle in making decisions is always to protect the long-term best interest of all members while ensuring we remain operationally sound.

We are very grateful our members supported our cap and monthly lodgement limit. We have continuously monitored the situation with a view to removing the cap when possible. With your help, along with improved investment returns, we have recovered our capital position which now stands at just over 14%.

The current interest rate environment is attractive with a blended rate of return being circa 1.9% YTD.  Additional receipt of funds from members will enable the credit union to augment our surplus and further protect our capital. Keeping in mind the savings trends, we have completed a recent exercise to forecast our capital position, including a scenario considering lifting of the savings and monthly lodgement cap which confirms that we will continue to remain sustainable if the cap was lifted.

All members will now be able to save up to €100,000 with us.  We are also removing the monthly lodgement limit.

Under the Credit Union Act, the Central Bank introduced a regulation limit to individual members’ savings to €100,000. The maximum combined amount an individual member can hold in a Regular/Special share/Current Account with us is €100,000. This rule was introduced for all accounts opened since 1st January 2016.

We are grateful that members supported our savings cap.  We are happy to accept a lump sum to your account and apologise for any inconvenient we may have caused you in the past.

Yes of course.  We want to make things as easy as possible for you.  We will accept a change to your existing DAS contribution over the phone.  We will need to verify your identity to proceed with your request.

We are a financially strong and stable credit union, and your savings continue to be guaranteed by the Government Deposit Guarantee Scheme up to €100,000. This scheme is operated by the Central Bank of Ireland. The DGS provides protection which ensures that an individual member’s funds in any one particular credit institution is covered up to a maximum amount of €100,000. In the case of joint accounts, the limit of €100,000 applies to each individual member. 

It is too early to determine what rate of dividend, if any, the credit union will pay out. We will communicate with members directly to inform them of the dividend once we are in a position to do so.