Credit unions reassure customers about deposits

The Irish League of Credit Unions is moving to reassure its members that their deposits are secure.

The organisation says people should not be worried that the move by the Government to secure bank deposits today did not include credit unions.

Credit union deposits are already State-secured up to €100,000 and are not suffering from a lack of liquidity as they have access to a fund totalling €110m.

Meanwhile, the online bank has released a statement saying it is not exposed to the international stock market turmoil.

The online bank is not included in the Government's deposit guarantee scheme as it is Dutch-owned. Only Irish-owned banks are protected by the Government's guarantee.

However, RaboDirect says it has the highest credit rating available internationally and is one of the world's top 20 largest financial institutions.

RaboDirect says its parent company is not listed on the stock exchange and is thus not affected by fluctuations in share values.

National Irish Bank, which is owned by the Denmark-based Danske Bank Group, said it had total assets of €450bn and that its customers were protected by both the Irish Government's guarantee of savers' funds up to €100,000 and the Danish deposit guarantee scheme.

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