3rd November 2010
New EU plans which will mean customers receive more money faster should their bank fail and are better protected from losses incurred due to fraud will be analysed at tomorrow’s (4th) meeting of the Oireachtas European Scrutiny Committee.
Officials from the Central Bank and the Irish Banking Federation will attend the Committee to give their perspective on two new plans by the EU which aim to tighten up consumer protection in the case of bank failures and fraud.
The meeting will take place at 11:30 am in Committee Room 4 of Leinster House.
The Deposit Guarantee Schemes Directive proposes to ensure that account holders receive their money faster (within 7 days) and recoup a greater amount (up to €100,000) if their banks fail. The Investor Protection Scheme is designed to compensate against acts of fraud and malpractice. It plans to increase levels of compensation from €20,000-€50,000 in the case of customers losing money due to malign practices.
Committee Chairman, John Perry TD said;
“The aim of these new consumer proposals is to boost customer confidence in financial services following the financial collapse. We have seen in Ireland and other EU member countries the ruinous impact bank failures and fraud can have on the savings and investments of ordinary citizens.
The purpose of the meeting is to properly consider the implications of these extremely important schemes to see what practical difference they could make in Ireland.”
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