The Central Bank has apologised to dozens of institutions that are members of the Deposit Guarantee Scheme, after it emerged it had miscalculated how much they should contribute to it.
In total, overcharging and undercharging totalling around €253,000 has been identified related to the payments by the organisations.
It is understood that less than 50 institutions are involved, most of which are credit unions, and consumers have not been affected by the errors.
The errors were made over a two-year period, from 2019 to 2021.
The regulator said the mistakes amount is equivalent to around 0.1% of the total funds collected, but the overall value of the scheme has not been impacted.
"We apologise for this and we understand and regret any inconvenience that may arise, for credit unions in particular, as a result," said the Central Bank in a statement.
"It is clear from our initial assessment, however, that the maximum undercharges/overcharges involved are not in any way significant in terms of the financial position of any individual credit union."
The bank said it had written to the institutions and will now move as quickly as it can to finalise its assessment, identify next steps and regularise the position.
"As soon as our assessment is complete, expected in February 2023, we will communicate our planned process for regularising the position in terms of monies due to the Fund, or monies due from the Fund, for all affected institutions," it said.
"We will prioritise refunding overcharges to affected institutions."
Under the scheme, credit institutions make annual contributions to the fund, which is required to hold 0.8% of covered deposits by July of next year.
The money is used to compensate customers in the event a covered institution fails.
The bank said despite the errors, the fund remains on target to reach the required level in 2024.
The Irish League of Credit Unions (ILCU) welcomed today's statement from the Central Bank.
"This acknowledgement from the Central Bank follows on from representations made by the ILCU on behalf of our member credit unions to the Central Bank in early December, where we pointed out the anomalies in the calculation of the DGS contribution levies issued to credit unions," said David Malone, CEO of the ILCU.
"We welcome the swift action taken by the Bank and we look forward to our continued engagement to ensure this issue is concluded to the satisfaction of our credit unions," he added.
