What happens my savings if credit union closes?

[lorr01]

Im just wondering if any one can tell me what will happen to my savings if a credit union closes.

Rumours have been circulating that my local credit union may close. On hearing this - I rang the credit union and was told that they not closing but think they would say that any way to not cause panic!!
Would be great ful for any assistance.

 

[Slim]

Your savings are guaranteed up to €100,000 per member.

It may take a while to get the money back while paperwork and verification takes place. It is unlikely this will happen but not impossible. More likely there would be a takeover by another credit union.

 

[lorr01]

Thank you slim appreciate your response.