The Central Bank has issued compensation payments by cheque to about 9,700 members of Rush Credit Union in north Co Dublin.
The total amount of compensation paid to date amounts to €22.3m, representing 98% of deposits covered by the Deposit Guarantee Scheme.
The Central Bank said that Rush Credit Union members should start receiving their payments from today.
Separately, the Irish League of Credit Unions has said that Progressive Credit Union has agreed to extend its operations to cover the Rush and Lusk areas, meaning former Rush Credit Union customers can now set up an account in one of its nearby branches.
The ILCU also said it had also made arrangements along with its life assurance company, ECCU Assurance, to allow former members of Rush to transfer their savings to another credit union before the end of the year.
Earlier this month, the High Court appointed provisional liquidators to Rush Credit Union.
The President of the High Court was told that investigations into the credit union had revealed significant misappropriation of funds and gardaí have been notified of suspected money laundering.
Mr Justice Peter Kelly appointed Jim Luby and Tom Rogers as provisional liquidators of RCU, which he said was necessary in order to address the concerns of worried depositors given its unhappy financial position.
The Deposit Guarantee Scheme was activated as part of the application, covering members' deposits up to €100,000.
The court heard that Rush Credit Union is in a distressed state with €2m more in net liabilities than it had in assets.
Credit Unions are also required to have reserves of at least 10% of total assets, however the credit union has reserves of -8.7%.
This would need to be funded to the tune of €4.73m, the court was told.
Rush Credit Union was established in 1972 and has about 11,457 members with savings worth €24m.
