STATUTORY INSTRUMENTS.

S.I. No. 468 of 1999.

EUROPEAN COMMUNITIES (DEPOSIT GUARANTEE SCHEMES) REGULATIONS, 1999.

S.I. No. 468 of 1999.

EUROPEAN COMMUNITIES (DEPOSIT GUARANTEE SCHEMES) REGULATIONS, 1999.

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 , ( No. 27 of 1972 ), and for the purpose of giving effect to Council Directive 94/19/EC of 1994¹ , hereby make the following regulations:

1. (1) These Regulations may be cited as the European Communities (Deposit Guarantee Schemes) Regulations, 1999.

(2) These Regulations shall come into operation on the 31st day of December, 1999

2. Regulation 11(3) of the European Communities (Deposit Guarantee Schemes) Regulations, 1995 ( S.I. No. 168 of 1995 ) is hereby amended by the substitution of the following paragraph for paragraph (a):

“(a) The amount payable out of the amount vesting in the liquidator in accordance with Regulation 10 to each person maintaining eligible deposits with the credit institution concerned shall, subject to paragraph (b), be 90 per cent. of any amount of eligible unavailable deposits subject to a maximum amount payable equivalent to euro 20,000.”.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This order amends the European Communities (Deposit Guarantee Scheme) Regulations, 1995 in order to increase the maximum amount payable under Deposit Guarantee Schemes from euro 15,000 to euro 20,000. The amendment was required to be effected by 31 December, 1999 under the terms of Directive 94/19/EC of 1994 (The Deposit-Guarantee Schemes Directive).

¹ O.J. No. L135, 31.5.94, p.5.