Vol. 428 No. 2
64 Mr. Yates asked the Minister for Finance the proposals, if any, he has to introduce legislation to ensure that depositors are protected in all circumstances; and if his attention has been drawn to consideration of an EC directive in this regard.
The Central Bank operates a deposit protection scheme for banks and building societies in the State. The scheme is aimed at protecting the small depositor and offers compensation to investors for Irish pound deposits on a sliding scale as follows: 80 per cent of any eligible deposit up to £5,000, 70 per cent of any eligible deposit between £5,000 and £10,000 and 50 per cent of any balance up to £15,000.
Therefore, a person with a deposit of £15,000 or more would receive maximum compensation of £10,000.
I am aware of the draft EC Directive on deposit protection referred to by the Deputy. The draft directive has not yet come before the Council of Ministers but my Department and the Central Bank have been active in the Council working party examination of the draft directive.
