Sligo Credit Union Share Cap Limit 2023

Sligo Credit Union is delighted to announce changes to the savings caps that has been in place since March 2020.

How will this affect me?

• The maximum a member may now hold with Sligo Credit Union is €35,000.
• There is no maximum on the amount a member may lodge in a calendar month.

Why is this happening?

During Covid we experienced a negative interest rate environment, and this combined with our Regulatory Reserve requirements of 10% of Assets, meant the credit union had no choice but put in place savings caps to control the financial impact on the credit union. It was a decision that was not taking lightly as it went against our natural position of encouraging members to save regularly.

Interest Rates have now stabilised, and we are able to earn a return on investments and we are also experiencing an increased demand in lending due in some part to the departure of KBC and Ulster Bank from the market. All this is positive news for the credit union and shows the trust that you our members place in us.

The Board of Directors in their correspondence to members during 2020 committed to reviewing the limits at the earliest opportunity and it gives them great pleasure to reverse the limits back to pre-Covid levels. The Board would like to thank members for all their support and patience during what can only be described as unprecedented times.

If you have any questions in relation to this, please feel free to give us a call on 071 9317500 or email Info@sligocu.ie.

Important Note:

If you are lodging €3,000 or over, please note that you will need a Proof of ID and Proof of Address (dated within six months) to complete the transaction.