Stephen Donnelly (Wicklow, Independent)
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279. To ask the Minister for Finance further to the recent winding-up of Berehaven Credit Union, the losses, if any, which have been suffered by depositors at that credit union. [34260/14]

Stephen Donnelly (Wicklow, Independent)
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281. To ask the Minister for Finance the total amount paid to date from the Central Bank of Ireland’s deposit guarantee scheme to depositors at Berehaven Credit Union; the total value of compensation cheques that have been cashed to date; the total value of compensation cheques that have not been cashed; the final date by which compensation cheques must be cashed; and if he will make a statement on the matter. [34262/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 279 and 281 together.

I have been informed by the Central Bank, further to the recent winding-up of Berehaven Credit Union, that no depositor suffered a loss as a result of the liquidation of this credit union.

The Central Bank have confirmed that the Deposit Guarantee Scheme - DGS, has issued compensation payments of €11 million to approximately 3,500 depositors of Berehaven Credit Union.  There is no deadline for the cashing of compensation cheques, however, cheques over 6 months old would not normally be accepted by credit institutions.  In this regard cheques over 6 months old would have to be returned to the DGS for re-dating.  Obligations of the DGS have been fulfilled in the issuing compensation cheques.  The Central Bank has informed me that it does not publish information on outstanding cheques that have not been presented for payment.

Stephen Donnelly (Wicklow, Independent)
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280. To ask the Minister for Finance the number of depositors whose deposits were in excess of €100,000 at Berehaven Credit Union at the end of December 2011, December 2012, December 2013 and in July 2014 when the credit union was wound up; his views on these figures; and if he will make a statement on the matter. [34261/14]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has informed me that detailed information submitted by credit unions in their Prudential Returns is confidential and commercially sensitive.  However, as reported to the Central Bank by Berehaven Credit Union Limited in its Prudential Returns there were a very small number of depositors with savings in excess of €100,000 at the end of December 2011 and December 2012 and no depositors with saving in excess of €100,000 at the end of December 2013. 

For the purposes of the Deposit Guarantee Scheme - DGS - the relevant balances held in Berehaven Credit Union are those held at the time of liquidation in July 2014.  In this regard no depositors held over €100,000 at that time.

The Financial Services (Deposit Guarantee Scheme) Act 2009 provides protection to depositors for eligible deposits up to €100,000 and safeguards all eligible deposits in Irish financial institutions. While the liquidation of this  entity is a matter for the Central Bank, I am satisfied that all eligible depositors in Berehaven Credit Union received payment of their full deposits under the DGS.

Stephen Donnelly (Wicklow, Independent)
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282. To ask the Minister for Finance the way the claims by depositors of Berehaven Credit Union will impact upon the Central Bank’s deposit guarantee scheme, which organisations will ultimately bear the cost of honouring the guarantee; if banks generally should be held liable for losses at credit unions; and if he will make a statement on the matter. [34263/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the Central Bank that compensation payments were made to members of Berehaven Credit Union from the Deposit Protection Account - DPA, following liquidation of the credit union. This account is operated by the Central Bank and funded by all credit institutions covered by the Deposit Guarantee Scheme, including banks and credit unions.  Any sum paid to the Central Bank by the liquidators arising out of the liquidation of Berehaven Credit Union will be credited back to the DPA.

The Deposit Guarantee Scheme was established to ensure that a depositor with a deposit of up to €20,000 was covered where a compensation event occurred in a credit institution. The guaranteed amount was increased in September 2009 from €20,000 to €100,000 per eligible depositor per institution to provide additional reassurance to depositors in Ireland that their savings are safe. The Financial Services (Deposit Guarantee Scheme) Act 2009 confers a legislative imperative on financial institutions, including credit unions, to make a contribution in respect of the DGS.