Richard Bruton
Ceist:75 Deputy Richard Bruton asked the Minister for Finance if he will offer credit unions the option of seeking cover under the deposit guarantee scheme introduced for the banks. [36649/08]
Amharc ar fhreagraThursday, 23 October 2008
Ceisteanna (80)
Freagraí scríofa
I am satisfied that credit union depositors are very well protected by the Government's decision to increase the statutory limit for the deposit guarantee scheme from €20,000 to €100,000 per depositor for all credit institutions including credit unions with effect from 20 September. This limit covers the vast majority of credit union savers.
The Credit Institutions (Financial Support) Scheme 2008 was put in place to support the systemic stability of the banking sector in Ireland. In particular it aims to support access by banks to liquidity in wholesale interbank markets, something which has no relevance to credit union activities.