Finian McGrath (Dublin North Central, Independent)
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Question 182: To ask the Minister for Finance if he will support a matter (details supplied). [45131/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The extension of the deposit guarantee scheme to credit union savers on 20 September 2008, together with the increase in the limit to €100,000 per depositor, is a very important development in safeguarding the interests of credit union savers. This is a clear demonstration of the Government's commitment to protect the whole financial system, secure its stability and ensure that all deposits in all Irish financial institutions are safe.

My role as Minister for Finance is to ensure that the legal framework for credit unions continues to be appropriate for the effective operation and supervision of credit unions. While this recent action taken by the Government represents very significant progress in relation to savings protection for all credit unions, it is complementary to the continuing discussions between the Registrar of Credit Unions and the representative bodies for credit unions. There is a shared recognition between all stakeholders that the Credit Union Act 1997 needs to be updated and modernised to take account of the evolution of the regulatory and financial environment overall. In this context, it is important that the Registrar of Credit Unions and various representative bodies for credit unions continue to work together to forge a consensus on the appropriate model for credit unions for the future. The expert advisory group on credit union matters under the Credit Union Act 1997, the Credit Union Advisory Committee (CUAC) and my Department will, of course, continue to work with all the key stakeholders to support the achievement of this objective.