Notice of the making of this Statutory Instrument was published in

"Iris Oifigiúil" of 5th October, 2012.

I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by section 12 (2) of the Financial Services (Deposit Guarantee Scheme) Act 2009 (No. 13 of 2009), hereby order as follows:

1. This Order may be cited as the Financial Services (Deposit Guarantee Scheme) Act 2009 (Commencement of Section 4) (Credit Unions) Order 2012.

2. The 30th day of November 2012 is appointed as the day on which Section 4 of the Financial Services (Deposit Guarantee Scheme) Act 2009 comes into operation in so far as it applies to credit unions.

GIVEN under my Official Seal,

20 September 2012.

MICHAEL NOONAN,

Minister for Finance.

EXPLANATORY NOTE

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

The Financial Services (Deposit Guarantee Scheme) Act 2009 (the Act) extended the Deposit Guarantee Scheme to credit union savers. Cover applies to 100% of each individual"s deposit to a maximum guarantee level of €100,000 per depositor per institution. In the case of credit unions, this includes shares and deposits.

Section 4 of the Act deals with the amount to be maintained by each credit institution in the deposit protection account at the Central Bank of Ireland. Section 12(2) of the Act provides that the Minister for Finance may appoint by order the day on which Section 4 of the Act comes into operation for credit unions.

This commencement order brings Section 4 of the Section 4 of the Act.

Regulation 7 of the European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009 ( S.I. No 228 of 2009 ) sets the amount of the deposit to be maintained by a credit union in the deposit protection account at 0.2% of the credit union"s total shares and deposits held by the credit union in EU Member States.

The Central Bank of Ireland administers the Deposit Guarantee Scheme.