Nearly 22,000 credit union members in Kerry will receive refunds in relation to a death benefit scheme.
Cara Credit Union is refunding €820,000, arising from contributions paid to the Death Benefit Insurance Scheme between 1996 and July 2005.
The scheme, which was launched in 1996, aims to lessen the financial burden of a bereavement of a credit union member on their families.
Those availing of the scheme receive €1,950 to go towards funeral expenses.
The refund from Cara Credit Union, which averages €36 per member, has come about due to a change in legislation, which requires credit unions to get written consent to take contributions from members’ accounts for the scheme.
CEO of Cara Credit Union Pa Laide says they remain committed to the scheme.
He adds it was the Central Bank’s preference to refund members as opposed to retrospectively asking for permission.