The Financial Services Compensation Scheme has stepped in to protect nearly 440 members of Lower Iveagh Credit Union Limited, after it was wound up yesterday (19 November).
The credit union is based near Belfast and on 18 November ceased trading and was placed into liquidation and has now appointed Joan Rice of Harbinson Mulholland as liquidator.
The FSCS has pledged that the overwhelming majority of savers will get their money back within seven days, as those with up to a thousand pounds will receive a letter to get cash over the counter at their Post Office.
Anyone with more than this amount will receive a cheque.
Kate Bartlett, director of operations for FSCS, said: “The process is automatic so you won’t have to apply for compensation. We will pay up to £85,000, so every member of the credit union is protected.”
peter.walker@ft.com
