The Irish Government has today announced an increase in the amount of money it guarantees in deposit accounts. The guaranteed amount has risen from €20,000 to €100,000 .
Minister for Finance Brian Lenihan announced the propsed change today – it will make Ireland’s deposit protection scheme one of the highest in Europe.
The guarantee will apply to 100 per cent of each individual’s deposit and the guarantee level will also apply to credit union savers.
Up to now there was no guaranteed protection for Credit Unions.
The new limit will require legislation but will be backdated to today.