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FSCS Says Savings At Failed Belfast Credit Union Are Safe

Law360, London (June 11, 2019, 3:39 PM BST) -- The U.K. bankruptcy compensation scheme said Tuesday it has put up almost £250,000 ($318,000) to protect hundreds of members of a failed credit union in Northern Ireland.

The Financial Services Compensation Scheme has promised to compensate “the vast majority” of the 238 members that have savings with Braniel Credit Union Ltd in southeast Belfast. The company was declared in default on June 10.

The FSCS said it will use the company’s records to send out the cash automatically within the next seven days.  The bailout bill is expected to reach more than £239,000. Affected members with up to £1,000 in their...

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