Cheques totaling €39.2 million have been issued to members of the credit union, which is being wound down
Payments have been made to 10,900 members of Charleville Credit Union in North Cork.
Earlier this month, a court ordered that the credit union would be wound down amid financial issues.
A provisional liquidator has been appointed.
It is the third credit union to close over financial issues.
According to the Central Bank, cheques totaling €39.2 million have been issued to members who had deposits in the credit union - which the regulator says is over 98% of eligible deposits covered by the scheme.
It says more information may be needed before some payments can be made, such as cases where the account holder has since passed away.
The Deposit Guarantee Scheme, which is overseen by the Central Bank, guarantees deposits of up to €100,000 when a bank, building society or credit union collapses or is unable to repay deposits.