Josepha Madigan (Dublin Rathdown, Fine Gael)
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177. To ask the Minister for Finance if, with the Central Bank he plans to review the credit union cap on deposits in excess of €100,000 and the timescale in this regard; and if he will make a statement on the matter. [22239/16]

Michael Noonan (Limerick City, Fine Gael)
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While the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 introduced by the Central Bank sets a maximum individual member savings limit of €100,000, credit unions can apply to the Central Bank to retain individual members' savings in excess of this amount.

The closing date for applications to the Central Bank for approval to retain individual members' savings in excess of €100,000 was 27 June 2016. The Central Bank has stated that it will provide a response on the outcome of all applications, to all applicant credit unions, by 26 August 2016.

Once the application process is completed later this year, in line with the commitment set out in the Programme for a Partnership Government, I intend to write to the Central Bank requesting that a review of the continued appropriateness of the savings limit is undertaken.