Dáil Éireann Debate, Thursday - 21 November 2013
61. Deputy Michael McGrath asked the Minister for Finance the total amount of credit union deposits which are respectively covered and not covered by the deposit guarantee scheme; and if he will make a statement on the matter. [50039/13]
View answerThe Deposit Guarantee Scheme - DGS - was set up by the Government and is administered by the Central Bank of Ireland. The DGS guarantees eligible deposits up to €100,000 per person in any bank, building society or credit union. Total deposits held in credit unions amount to €11.6 billion as reported by credit unions as at 30 September 2013. The Central Bank advises that it is not in a position to estimate the level of ineligible savings, as the figure would be contingent on a number of factors which would come into play in the event of a DGS payout, for example, the level of accrued interest and the relevance of joint accounts.
