S.I. No. 379/2012 - Financial Services (Deposit Guarantee Scheme) Act 2009 (Commencement of Section 4) (Credit Unions) Order 2012.

1. This Order may be cited as the Financial Services (Deposit Guarantee Scheme) Act 2009 (Commencement of Section 4) (Credit Unions) Order 2012.

2. The 30th day of November 2012 is appointed as the day on which

Section 4

of the

Financial Services (Deposit Guarantee Scheme) Act 2009

comes into operation in so far as it applies to credit unions.

GIVEN under my Official Seal,

20 September 2012.

MICHAEL NOONAN,

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The

Financial Services (Deposit Guarantee Scheme) Act 2009

(the Act) extended the Deposit Guarantee Scheme to credit union savers. Cover applies to 100% of each individual’s deposit to a maximum guarantee level of €100,000 per depositor per institution. In the case of credit unions, this includes shares and deposits.

Section 4 of the Act deals with the amount to be maintained by each credit institution in the deposit protection account at the Central Bank of Ireland. Section 12(2) of the Act provides that the Minister for Finance may appoint by order the day on which Section 4 of the Act comes into operation for credit unions.

This commencement order brings

Section 4

of the

Financial Services (Deposit Guarantee Scheme) Act 2009

, in so far as it applies to credit unions, into operation from 30th November 2012. From that date, credit unions will be required to maintain in the deposit protection account at the Central Bank of Ireland the amount prescribed by regulations made under

Section 4

of the Act.

Regulation 7 of the European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009 (

S.I. No 228 of 2009

) sets the amount of the deposit to be maintained by a credit union in the deposit protection account at 0.2% of the credit union’s total shares and deposits held by the credit union in EU Member States.

The Central Bank of Ireland administers the Deposit Guarantee Scheme.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

5

th October

, 2012.

I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by

section 12

(2) of the

Financial Services (Deposit Guarantee Scheme) Act 2009

(No. 13 of 2009), hereby order as follows