Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

There is not a cap of €30,000. That is up to the individual credit union. The policy of the Central Bank is €100,000. The reason they have that is to ensure the protection of members' savings and to ensure that credit union funding continues to be sufficiently diversified and is not dependent on a small number of members. The Deputy knows how the credit union works. You need an array of members. It makes no difference whether you are saving €5 a month on behalf of a grandchild, or you are a body that is receiving at a large scale. It does need a spread through the community and through the common bond. If there is an individual credit union that has a cap of €30,000, it is a matter for that credit union and a matter for the board. Perhaps the Deputy or the club can engage directly with the board. As members they are entitled to hear from the board the rationale for that reduced cap. As I said, the maximum cap applied by the Central Bank is €100,000. I do not think there is a need to go beyond that. Even if I did, it is a decision for the bank.

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