Patrick Costello (Dublin South Central, Green Party)
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33. To ask the Minister for Finance if, in light of recent bank frailty evident internationally and the failure of deposit insurance schemes developed pre-digital banking, he will provide the value of uninsured deposits above the €100,000 threshold of the deposit guarantee scheme nationally, broken down by institution and the number of individual depositors whose deposits above the threshold are exposed, in tabular form; and if he will make a statement on the matter. [23302/23]

Michael McGrath (Cork South Central, Fianna Fail)
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Deposit Guarantee Schemes (DGSs) across Europe were revised and improved in 2015, with uniform protection for depositors, improved operational procedures and a harmonised target level of 0.8% of covered deposits. This target level means that as deposits grow, so too does the DGS fund. In Ireland, the DGS has been successfully invoked five times to protect depositors, most recently with the liquidation of Drumcondra Credit Union in 2020.

The DGS has to reach funds equivalent to 0.8% of covered deposits by July 2024. The most recent calculations completed for DGS contributions estimated that the target to be reached by July 2024 is €1.05 billion. As at May 2023 the level of funds currently available to the DGS is €884 million.

The DGS protects eligible deposits up to a limit of €100,000 per person per credit institution. The DGS does not pay compensation in respect of any balances in excess of €100,000 (unless the additional amount relates to a temporary high balance).

Information published by the EBA indicates that as of end-2022, the total amount of covered deposits in Ireland is c.€136bn.  Statistics published by the Central Bank indicates that as of March 2023, the total amount of deposits held by the Irish private sector, which would include covered and uncovered deposits, is circa €297bn, which is made up of c. €151bn from households, c. €75bn from non-financial corporations and c. €71bn from insurance corporations, pension funds and other financial intermediaries.

The temporary high balance feature allows for the payment of compensation in excess of €100,000 in the case of qualifying deposits. The temporary high balance feature is applicable to individuals only.

I am advised by the Central Bank of Ireland that the institution and depositor specific information sought by the Deputy is confidential. However, the Central Bank and the European Banking Authority do publish more general information regarding deposits covered under the DGS, relevant links are provided below.

Information relating to the DGS in EU Member States  is published by the EBA here:

www.eba.europa.eu/regulation-and-policy/recovery-and-resolution/deposit-guarantee-schemes-data

Money and banking statistics, including those related to deposits, are published by the CBI here:

www.centralbank.ie/statistics/data-and-analysis/credit-and-banking-statistics/bank-balance-sheets

Information related to Temporary High Balances is published by the Deposit Guarantee Scheme here:

www.depositguarantee.ie/en/compensation-process/calculation-of-compensation