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 the past 12 months the total amount of savings in our credit union increased by €3,250,000. This amount of savings shows that our members continue to have great confidence in our credit union but this also creates capital level requirement issues. The Central Bank requires us to maintain a minimum Regulatory Reserve of 10%, so for every €100 saved in the credit union, we are required to set aside €10 from our year-end surplus as a capital requirement. This is required before we can consider either a dividend or an interest rebate.
The Board of the Credit Union has made the decision that from May 1 2020, ALL members’ accounts cannot hold in excess of €20,000.