Michael McGrath (Cork South Central, Fianna Fail)
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110. To ask the Minister for Finance the number of credit unions who have applied for an exemption from the €100,000 maximum deposit in respect of individual accounts; the number of applications which have been granted; and if he will make a statement on the matter. [17793/16]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank published the Application Form and Explanatory Note to retain individual members' savings in excess of €100,000, which were held at commencement of the Regulations, on 16 May 2016.

As set out in the application form (Appendix 2 - Additional Notes), the timeline for these applications to be submitted to the Central Bank is between 17 May 2016 and 27 June 2016. The Central Bank stated on the application form that where the application form has been fully completed and contains or includes all of the information requested, the Central Bank will endeavour to issue an approval letter or a letter indicating that the Central Bank is minded to refuse the application within one month of receipt of the complete application. In any event, the Central Bank will provide a response to all applicant credit unions on the outcome of their application by 26 August 2016. 

I have been informed by the Central Bank that to date less than 10% of the credit unions who held individual members' savings in excess of €100,000 on 1 January 2016 have submitted applications to retain these individual members' savings. 

Applications received to date by the Central Bank are under review in accordance with the process as set out in the application form (which includes the one month timeline referred to above.).