Michael McGrath (Cork South Central, Fianna Fail)
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61. To ask the Minister for Finance the total amount of credit union deposits which are respectively covered and not covered by the deposit guarantee scheme; and if he will make a statement on the matter. [50039/13]

Michael Noonan (Limerick City, Fine Gael)
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The Deposit Guarantee Scheme - DGS - was set up by the Government and is administered by the Central Bank of Ireland. The DGS guarantees eligible deposits up to €100,000 per person in any bank, building society or credit union. Total deposits held in credit unions amount to €11.6 billion as reported by credit unions as at 30 September 2013. The Central Bank advises that it is not in a position to estimate the level of ineligible savings, as the figure would be contingent on a number of factors which would come into play in the event of a DGS payout, for example, the level of accrued interest and the relevance of joint accounts.

Michael McGrath (Cork South Central, Fianna Fail)
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62. To ask the Minister for Finance the total amount of bank deposits which are respectively covered and not covered by the deposit guarantee scheme; and if he will make a statement on the matter. [50040/13]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank of Ireland is responsible for the operation of the Deposit Protection (Guarantee) Scheme (DGS), which covers licensed credit institutions operating in the State. Each credit institution covered by the DGS is required to maintain a balance in the Deposit Protection Account (DPA) equivalent to 0.2% of their total deposits in order to fund the DGS.

I am advised by the Central Bank that it currently collects data relating to the total deposits of credit institutions so that it can calculate their contributions to the DPA. The Central Bank tells me the figure for total deposits in the financial sector in Ireland is currently €474 billion. However, not all of these deposits are actually covered by the DGS scheme. For example, only amounts up to €100,000 are covered and various deposits are excluded from coverage, such as deposits from large companies and inter-bank deposits. The Central Bank is currently working with credit institutions in order to receive data on actual coverage levels under the Deposit Guarantee Scheme. Formal powers for the Central Bank to request this data are included in the Central Bank (Supervision and Enforcement) Act 2013.