FAQs

The DGS was activated following the liquidation of IBRC in February 2013, Berehaven Credit Union in July 2014, Rush Credit Union in November 2016, Charleville Credit Union in October 2017 and Drumcondra and District Credit Union in July 2020.

IBRC

On 7 February 2013 the Minister for Finance appointed Kieran Wallace & Eamonn Richardson of KPMG as Special Liquidators to IBRC Limited. As a result the Deposit Guarantee Scheme (DGS) was activated to protect deposits of eligible IBRC depositors. 

Berehaven Credit Union

On 23 July 2014 the High Court approved the appointment of a provisional liquidator to Berehaven Credit Union. As a result the Deposit Guarantee Scheme (DGS) was activated to protect deposits of eligible Berehaven Credit Union depositors. 

Rush Credit Union

On 2 November 2016 the High Court approved the appointment of Joint Provisional Liquidators to Rush Credit Union.  As a result the Deposit Guarantee Scheme (DGS) was activated to protect deposits of eligible Rush Credit Union depositors. 

Charleville Credit Union

On 13 October 2017 the High Court approved the appointment of Joint Provisional Liquidators to Charleville Credit Union.  As a result the Deposit Guarantee Scheme (DGS) was activated to protect deposits of eligible Charleville Credit Union depositors. 

Drumcondra and District Credit Union

On 2 July 2020 the High Court approved the appointment of Joint Provisional Liquidators to Drumcondra and District Credit Union. As a result the Deposit Guarantee Scheme (DGS) was activated to protect deposits of eligible Drumcondra and District Credit Union depositors.

Sole traders with both personal and business accounts at a credit institution (which are eligible for DGS compensation) will be issued with one payment up to a limit of €100,000.

If a depositor has personal accounts with a liquidated credit institution and also holds a business partnership account, the DGS will treat the business and personal accounts separately. The depositor (partner) will receive a separate cheque up to the limit of €100,000 for their personal accounts. Compensation for the business account will be paid separately to the partnership, up to a limit of €100,000.

The DGS does not protect pension schemes or retirements funds other than Small Self- Administered Pension (SSAP) schemes. Non SSAP personal pensions and retirement funds e.g. Active Retirement Funds (ARFs) are considered investment products so are not covered by the DGS.

The deposit element of tracker bonds (also known as a structured deposit) qualifies for compensation under the DGS up to €100,000 if the holder is eligible and the deposit element of the tracker bond is repayable at par. The index linked element of the tracker bond is not protected.  

In the event of a DGS invocation, the DGS will make temporary high balance (thb) claim forms available on this website.