Financial Services (Deposit Guarantee Scheme) Bill 2009

Public bill · Government · Presented

The legislation strengthens Ireland’s deposit guarantee scheme, allowing the Finance Minister to set or increase the amount of savings protected when a bank, building society or credit union fails. It requires these institutions to keep money in a Central Bank deposit protection account, recalculated annually and adjustable according to their size, risk and financial strength. The Central Fund could temporarily reimburse the Central Bank for emergency payments, while institutions that fail to maintain the required deposit could face fines or imprisonment.

Formal long title

Bill entitled an Act to provide for the making of regulations regarding the amount payable to a person maintaining eligible deposits with a credit institution; to provide for the maintenance of the deposit protection account by the Central Bank and Financial Services Authority of Ireland; to provide for the maintenance by credit institutions of deposits in the deposit protection account; to provide for the amount of the deposit and its variation; to give further effect to Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes; to amend the Central Bank Act 1942 and to provide for related matters

Last updated 12 April 2018