The Central Bank has confirmed that it has already paid out €10 million to the majority of depositors of Berehaven Credit Union.
The credit union was placed into liquidation last week.
The bank said cheques had been sent out to over 3,100 depositors, or 85% of the membership, under the Deposit Guarantee Scheme.
The bank said remaining deposits were being progressed as quickly as possible and it is expected that further payments would be made shortly.
The bank is advising depositors that they do not need to make any application to the DGS for repayment as they will be processed automatically.