(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These regulations update the European Communities (Deposit Guarantee Schemes) Regulations 1995 (SI No. 168 of 1995) in line with the Government announcement of 20 September 2008 and also transpose Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009. They also make various other changes, mainly of a technical nature, to update the 1995 scheme.
Changes made include increasing the statutory limit for the scheme from €20,000 to €100,000 per eligible depositor per institution; discontinuing the 10% co-insurance requirement; extending the cover of the scheme to credit union savers; reducing the minimum payout period under the scheme; increasing the minimum contribution requirement by credit institutions to €50,000 (but this does not apply to credit unions) and ending the set-off requirement when making payouts under the scheme.