Tuesday, 26 February 2013

Questions (202)

Pearse Doherty


202. Deputy Pearse Doherty asked the Minister for Finance if credit unions are part of the eligible depositors who will be burnt as a result of the Irish Bank Resolution Corporation Act; and the steps he is taking to assist credit unions in this eventuality. [9823/13]

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Written answers (Question to Finance)

I am advised by the Central Bank of Ireland that certain tracker bonds sold to credit unions which were liabilities of IBRC at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme for that element of the product. As a result the first €100,000 of any claim from these depositors is covered under the DGS Scheme. The bond itself is not covered by the ELG scheme as it predates that scheme. Credit unions affected have been advised to deal with the Special Liquidator in relation to this matter.