BELFAST, Ireland—Ireland’s Financial Services Compensation Scheme has made payments to more than 700 members of Rowallane Credit Union, totalling around £1.4 million. The credit union was placed into liquidation in mid-August. The FSCS said that payments were mailed after it went into liquidation, fulfilling CU’s promise to pay back members within a week.
The compensation scheme said it is aware that the credit union held around £1.4 million on deposit for its members. Members with less than a thousand pounds will receive a letter to get cash over the counter at their Post Office. Members with balances above that amount will receive a check.