This bill entered the Seanad today. This scheme is one of the many responses to the banking crisis. It’s main provisions include placing the state guarantee scheme of €100,000 on a statutory footing for a longer period of time, giving the Central Power responsibility for this scheme and including credit unions in the deposit plan.
I debated this at second stage today. In my contribution I raised a number of (what I felt were) important questions. They included would the extension of the banking deposit scheme actually encourage risky behaviour from banks in the long run, how would the deposit scheme be funded in the event of a bank run and finally, what what will be the new regulatory set up for Ireland.
Didn’t get a good response to these questions but will try again at committee stage.