Dáil Éireann Debate, Thursday - 18 July 2013
138. Deputy Michael McGrath asked the Minister for Finance if the special liquidator of Irish Bank Resolution Corporation is in a position to revisit the losses that have been imposed on various credit unions around the country on foot of the deposit-backed bond they held; and if he will make a statement on the matter. [36451/13]
View answerI have been advised that the Special Liquidators are aware of a number of depositors who fall outside the eligibility criteria for the ELG Scheme due to the nature of the investment product. Unfortunately, if a deposit is not eligible under the ELG scheme the depositor will rank as an unsecured creditor in the liquidation. At the time that this investment product was purchased by Credit Unions, there was no additional guarantee provided by the State. It was always the case that the ELG scheme covered only those liabilities which were entered into during the issuance window.
