Protection on way for temporary large bank deposits

Irish customers whose account balances soar due to a temporary change in their financial circumstances will have more protection under new rules set to be introduced later this year.

Under the current Irish deposit guarantee scheme, Irish savers have deposit protection for deposits up to €100,000 per person per institution.

Changes to Irish deposit protection rules are due later this year, as a European directive requires protections for savers with temporary high balances.