Richard Bruton (Dublin North Central, Fine Gael)

I have specific questions. The Minister will know that should the credit guarantee scheme be called upon the money is recouped subsequently from all those who participate, including credit unions. Is it preferable that the credit unions should be in a ring-fenced guarantee scheme? They are entirely different in their risk profile from any of the other institutions covered. They have, for example, twice as much in deposits as on loan, the opposite to the other institutions. If they were ring-fenced they would not have a contingent liability.

Second, there is a view from the League of Credit Unions that the savings protection scheme it now has should pay the premium into the fund for this protection and that it should continue to interface with the members. Does the Minister support this view? This would leave the savings protection stabilisation element as a core element and members would not say that because they had the Government's deposit they therefore do not need to be part of this. What is the Minister's view?

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