Dáil Éireann Debate, Thursday - 14 November 2013
39. Deputy Ann Phelan asked the Minister for Finance the differences between a credit union and its members in County Kilkenny (details supplied) and that of the case outlined in the Sunday Times on 29 September 2013; if he will outline in detail the criteria for same; his views on the matter with particular reference to the credit union in question; and if he will make a statement on the matter. [48619/13]
Amharc ar fhreagraUnfortunately I am not in a position to comment on the specifics of any accounts with IBRC which is now in liquidation. As the Deputy is aware there are a number of depositors who fall outside the eligibility criteria for the ELG Scheme due to the nature and timing of the investment in certain structured products. 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 product was purchased by credit unions, there was no additional guarantee provided by the State.
Eligible liabilities which may be guaranteed under the ELG Scheme must have been taken out with Anglo Irish Bank after 28 January 2010 or with the Irish Nationwide Building Society after 3 February 2010 and with an initial maturity under five years. It was always the case that the ELG scheme covered only those liabilities which were entered into during the issuance window. The NTMA are responsible for the administration of the ELG Scheme and claims or queries in relation to eligibility can be made to +353 (0) 1 238 4700 (available from 9 a.m. to 6 p.m.) or elginfo@ntma.ie.
