121 Deputy Seán Sherlock asked the Tánaiste and Minister for Finance if the European Commission has discussed with his Department its view set out in a communication to the European Parliament (details supplied) that Directive 94/19/EC on deposit guarantee schemes requires that, if a member state decides that depositors should bear a certain percentage of losses themselves in the event their deposits become unavailable and therefore introduces a deposit protection scheme which imposes a limit on compensation equivalent to 90% of deposits, then the maximum compensation limit in that scheme must be set at €22,222; his views on the Commission’s interpretation of the directive; the implications for the European Communities (Deposit Guarantee Schemes) Regulations 1995, S.I. No. 168 of 1995, which impose both a 90% limit and a maximum compensation limit of €20,000; and if he will make a statement on the matter. [14266/08]

Summary

121 Deputy Seán Sherlock asked the Tánaiste and Minister for Finance if the European Commission has discussed with his Department its view set out in a communication to the European Parliament (details supplied) that Directive 94/19/EC on deposit guarantee schemes requires that, if a member state decides that depositors should bear a certain percentage of losses themselves in the event their deposits become unavailable and therefore introduces a deposit protection scheme which imposes a limit on compensation equivalent to 90% of deposits, then the maximum compensation limit in that scheme must be set at €22,222; his views on the Commission’s interpretation of the directive; the implications for the European Communities (Deposit Guarantee Schemes) Regulations 1995, S.I. No. 168 of 1995, which impose both a 90% limit and a maximum compensation limit of €20,000; and if he will make a statement on the matter. [14266/08]

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