Michael Noonan (Limerick City, Fine Gael)
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The Central Bank did it for prudential reasons. The Deputy casts all sorts of doubts about the banking system and then he says that people’s savings in credit unions should be invested without limit into the banks. The banks are solvent now and they are absolutely solid. In view of the guarantee they have full protection for the savings of individuals but the guarantee under law until recently only extends to €100,000. The reason for the restriction by the Central Bank was to protect the assets of the credit union movement.