Brian Lenihan Jnr (Dublin West, Fianna Fail)

The position was that no guarantee was in place and the reason the credit unions were included in the guarantee is that I did not want them to be put at a competitive disadvantage to other financial institutions at the time the €100,000 limit was announced. I consulted the League of Credit Unions before making that decision.

Legislation being drawn up will have to embody the principle that the €100,000 guarantee given by the State can look to a designated fund. The issue is one of developing a consensus within the credit unions about the appropriate way in which the State can look to any particular fund.

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