Share Cap Information 2024

Dear Member,

Please be advised of the new savings limits that will come into place on the 1st of August this year. At the year-end of September 2023, the credit union recorded savings growth of 3.51% and as we finalised our half-year March 2024 accounts, we are experiencing strong growth of approximately 4.94% YTD.

Having completed a review of the savings limits, the Board of Directors has decided to introduce a monthly savings limit of €5,000. There is no change to the overall savings limit which remains at €35,000. The table below outlines the changes to our savings limits over the past number of years:

*This limit does not affect our Current Account users.

The reality of the funding costs of our Reserves means the Board of Directors has no option but to continue to monitor and react as deemed appropriate to protect the interests of all our members. The introduction of the monthly limit will help manage the sustained pace of savings growth.

Unfortunately, there have been no changes to the regulatory requirements set by the Central Bank of Ireland that require credit unions to hold reserves of a minimum of 10% of the total assets in a Statutory Reserve. put simply, for every €100,000 our members save, we must allocate €10,000 from our surplus into this reserve.

As we have stated many times in the past, it has never been our intention to inconvenience members. If the funding regulations from our Central Bank change, we will certainly review these limits and in the meantime, we will continue to monitor the limits and adjust favourably as the opportunity presents itself.

What do you need to do now?

There is no action required at this stage, we are just notifying members of the upcoming changes. Given the fluidity of the situation, we ask that members keep an eye on our website, media platforms, in-office screens, and teller receipts, where the most up-to-date savings limits will be posted in advance of the change taking place. If you would like to discuss any aspect of this, don't hesitate to contact our member services team on the phone and at the counter who will be pleased to assist you in any way.

Yours sincerely,

Orla Lee,

CEO, Sligo Credit Union