The Financial Services (Deposit Guarantee Scheme) Act 2009 has been signed in to law by the President. This Act is part of a legislative package to amend and update the Irish deposit guarantee scheme. Reforms include:
- increasing the statutory limit for the deposit guarantee scheme from €20,000 to €100,000;
- discontinuing of the co-insurance requirement whereby the depositor bore 10% of the loss up to the statutory ceiling on cover; and
- extending the guarantee scheme to cover all credit union savers.