However, the Financial Services Compensation Scheme (FSCS) soon intervened to rescue the some 1000 members of the union who were due compensation. They have payments being made to them currently.
Mark Oakes, Head of Communications, says: "FSCS protects people when authorised financial services firms go bust. So I'm pleased to confirm FSCS payments have now been made to members of the Ballymacarrett Credit Union. It is good news for those members."
Those who had loans out with the union have been informed by the FSCS that the loan agreement is still valid and so the repayments must be maintained. The repayments will be managed by the firm’s liquidator.
Regarding the members in question, just under £530,000 is said to rest with Belfast based credit union.
Since 2001, the FSCS has assisted over 4.5 million people and has paid out over £26 billion in compensation.
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