Dáil Éireann Debate, Thursday - 21 November 2013
62. Deputy Michael McGrath asked the Minister for Finance the total amount of bank deposits which are respectively covered and not covered by the deposit guarantee scheme; and if he will make a statement on the matter. [50040/13]
Amharc ar fhreagraThe Central Bank of Ireland is responsible for the operation of the Deposit Protection (Guarantee) Scheme (DGS), which covers licensed credit institutions operating in the State. Each credit institution covered by the DGS is required to maintain a balance in the Deposit Protection Account (DPA) equivalent to 0.2% of their total deposits in order to fund the DGS.
I am advised by the Central Bank that it currently collects data relating to the total deposits of credit institutions so that it can calculate their contributions to the DPA. The Central Bank tells me the figure for total deposits in the financial sector in Ireland is currently €474 billion. However, not all of these deposits are actually covered by the DGS scheme. For example, only amounts up to €100,000 are covered and various deposits are excluded from coverage, such as deposits from large companies and inter-bank deposits. The Central Bank is currently working with credit institutions in order to receive data on actual coverage levels under the Deposit Guarantee Scheme. Formal powers for the Central Bank to request this data are included in the Central Bank (Supervision and Enforcement) Act 2013.
