Wednesday, 17 July 2013

Questions (66)

Ciara Conway


66. Deputy Ciara Conway asked the Minister for Finance if his attention has been drawn to the losses incurred by a credit union (details supplied) in County Waterford as a result of the liquidation of the Irish Bank Resolution Corporation; if he will advise as to what route this institution should pursue; if he is aware of other institutions in similar circumstances; and if he will make a statement on the matter. [35643/13]

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Written answers (Question to Finance)

I am advised by the Central Bank of Ireland that certain tracker bonds sold to a number of credit unions which were liabilities of Irish Bank Resolution Corporation (IBRC) at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme (DGS) for that element of the product. As a result the first €100,000 of any claim in such cases is covered under the DGS. The bond itself is not covered by the ELG scheme as it predates that scheme. Credit unions and others affected have been advised to deal with the Special Liquidator in relation to this matter. I am aware that officials from the Department, as well as the Special Liquidator, have met with credit union representative bodies on this matter and the credit unions affected have been advised to deal with the Special Liquidator.