Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland. It covers deposits held with banks, building societies and credit unions.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

Every share you hold with Enniscorthy Credit Union Limited for the year is eligible for a dividend when declared. A dividend is the return on your shares, and it is paid by your credit union out of surplus. *

The Board of Directors will recommend a rate at the AGM each year (usually held in December) and the members present will vote to accept or reject. The dividend will then be paid on the day following the AGM. The amount due to each shares account will be calculated based on the monies held in the account throughout the year.

*Past performance is not a reliable guide to future returns. There is no guarantee that a share dividend will be paid in future years.

The amount of your dividend will depend on:

1. The amount of shares you have saved (one share is equal to €1).
2. The surplus income available for distribution by your credit union to members.

An Enniscorthy CU member can save up to a maximum of €100,000 across all their accounts (as protected by DGS).

The limit for a minor account (under 16 years) is €30,000 across all accounts.

You will need to keep a minimum of €5 in your savings to keep your account open.

Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.

The account may be reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 6 months old) e.g. utility bill/revenue documentation.

From 1st January 2014 all credit union share dividend and deposit interest paid to members is subject to DIRT, apart from dividend or interest paid to members who are exempt from DIRT. The current DIRT rate is 33%.

The only members who are exempt are as follows:

• Members aged over 65 whose total income is less than the relevant limit, currently €18,000 for an individual and €36,000 for a married couple. For married couples, only one of the spouses needs to be over 65. To avail of this exception, you must sign a self-declaration DE1 Declaration Form.
• Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioners office directly or contact a service body such as the Irish Wheelchair Association and the Credit Union has no role in approving the exemption in these cases.

If you do not complete the self-declaration form, Enniscorthy Credit Union is obliged to deduct DIRT from your dividend. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (if you are eligible).

More info on DIRT tax is available here Who is exempt from DIRT? (revenue.ie)