ForceMajeure
Registered User
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This is effective immediately (1st December): savings >€15k should be reduced by 8th December to below the limit
€28m was total reserves. Their Regulatory Reserves were only €22.2m, or 11.5%. Minimum is 10%While they had €28m and that might seem comfortable, this could have deteriorated badly over the last year.
If customers had put another €30m on deposit, that would have increased the reserve requirement to €23m.
Brendan is this what another member on here was going on about recently ???the 10%
They introduced it in November. You can lodge a maximum of €3,500 per calendar month. And it doesn’t matter if you’ve made a withdrawal that month (e.g. if you withdraw €5,000, you can still only lodge €3,500). It’s because of the volume of saving due to Covid. If you make a meaningful withdrawal, it could take you months to build it back up. The maximum you can have is only €25,000 anyway.
Lots of the large credit unions have introduced savings caps in the past 2 years. Initially a total limit was common, but a monthly limit has also been intrigued by many. Progressive for example, have had a savings cap of 30k, and max savings of 5k per month for the past year.Is that 1 of the larger credit unions ?
Here's link to their 2018 accounts.They don't publish their accounts online, so if any member has a set, I would be interested in seeing the balance sheet.
They say that they have €50k in excess cash. Looks more like €130k to me.
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