Robert Troy (Longford-Westmeath, Fianna Fail)
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80. To ask the Minister for Finance the reason a spouse can only access €27,000 of a deceased spouse’s credit union savings and any remainder must go to probate; his views on whether this rule is fair when the spouse is clearly the next of kin and automatic beneficiary; and if he plans to review such rules in the short term. [28634/24]

Jack Chambers (Dublin West, Fianna Fail)
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Nomination is a unique provision available only for credit union members. By way of background, nomination is a legally binding agreement under which a credit union member can nominate a third party to be the recipient of the member’s money after their death, up to a limit of €27,000. The effects of nomination are that any amounts up to €27,000 will pass outside the terms of any will.

Any amount in excess of €27,000 are deemed assets of the deceased's estate and credit unions are obliged to administer any such funds in accordance with the rules of probate (if there is a will), or the law of succession (if there is no will). The probate office of the High Court deals with all matters relating to rules of probate. The rules of probate are the responsibility of my colleague, the Minister for Justice.

The recent Credit Union Amendment Act (2023) included an amendment to Section 21, which permits me, as Minister for Finance to approve increases in the nomination amount.

On the 8th February, my predecessor signed a statutory instrument approving an increase in the nomination amount from €23,000 to €27,000. Significant consultation was completed by my officials and Ministers of State with the credit union representative bodies, on nominations and all other provisions in the Amendment Act.

The increase in the nomination amount to €27,000 was supported by all representative bodies and recommended by the Credit Union Advisory Committee. In my view, it is at an appropriate level at this quantum.

I trust this clarifies matters for the Deputy.