Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I welcome the Minister and his officials. It is good to have an update on the November ECOFIN and an overview of the agenda for the meeting next week. The Minister referred to the European deposit insurance scheme as the final piece of the banking union jigsaw, its function being to ensure savings are equally protected in all member states. Will he clarify where that scheme stands today? The level of protection in Ireland is set at a threshold of €100,000. Will the same threshold apply across the EU under the deposit insurance scheme? Will the scheme be funded at a national level in the same way as our own deposit guarantee fund, which is maintained and administered by the Central Bank? Will Irish citizens who have money in European banks in other jurisdictions be covered in precisely the same way as they are in this jurisdiction in respect of deposits with Irish banks?