CRS Overview
The Organisation for Economic Co‑operation and Development (OECD) introduced the Common Reporting Standard (CRS) in 2014. toolbar.
CRS is a global standard designed to help prevent tax evasion by requiring the sharing of financial account information between countries. Under CRS, financial institutions — including Core Credit Union — must identify accounts held directly or indirectly by individuals or organisations who are tax resident outside the Republic of Ireland.
Financial institutions in Ireland are required to report certain information about these accounts to the Revenue Commissioners, who then automatically share this information each year with tax authorities in the relevant countries.
CRS came into effect in the Republic of Ireland on 1 January 2016.
Impact of the Common Reporting Standard (CRS) on Core Credit Union Members
To meet our obligations under the Common Reporting Standard (CRS), Core Credit Union is required to collect certain information from members. This includes details of your tax residency, Tax Identification Number (TIN), and date of birth.
Where required, this information — together with account details such as the account number, account balance, and certain amounts paid into or credited to the account — may be reported to the Revenue Commissioners. The Revenue Commissioners then automatically share this information each year with the relevant tax authorities in other CRS jurisdictions.
When will members be asked to provide CRS information?
You may be asked to provide CRS‑related information in the following situations:
When opening a new account as a new member of Core Credit Union
If you are an existing member and we do not currently hold the required CRS information for you
If there is a change in circumstances that may affect your CRS status, such as:
- A change of address from the Republic of Ireland to another CRS‑reportable country (or vice versa)
- A change from a non‑Irish address to an address in a CRS‑reportable jurisdiction
If an applicant for membership is tax resident outside Ireland and does not provide a foreign TIN, the Credit Union will be unable to open the account.
Important information for members
You may be asked to provide CRS information on more than one occasion. It is important that you respond to all CRS requests, even if you believe you have already supplied the information.
Living outside the Republic of Ireland?
If you are currently living outside the Republic of Ireland and are no longer considered an Irish tax resident, please complete the form and return it to us.
Alternatively, contact us directly on +353 1 272 5600 or by email at members@corecu.ie
Additional Information
More detailed information about the CRS is available on: