The Board of M.P.C.C. Credit Union recently carried out a review of its members savings strategy and a number of changes have been implemented which will affect our members’ accounts.

In 2016 the total amount of savings in our credit union increased by almost €2,500,000. This amount of savings shows that our members have great confidence in our credit union but this also creates capital level requirement issues. For every €100 saved in the credit union we are required to set aside €10 from our surplus as a capital requirement. This is currently not causing any problems but as this level of savings continues to grow this year, the credit union will have to eat into its current reserve levels to fund this capital requirement and this is what we want to avoid.

The Board of the Credit Union has made the decision that new members’ accounts cannot hold in excess of €30,000 and existing accounts with funds in excess of €50,000 can only hold a maximum of €50,000 but will be unable to pay into their account and will only be able to withdraw.