Oireachtas Committee to discuss consumer protection against bank failures

Two new EU plans which aim to tighten up consumer protection in the case of bank failures and fraud are to be discussed at an Oireachtas Committee meeting today.

Officials from the Central Bank and the Irish Banking Federation will attend the Oireachtas European Scrutiny Committee.

The Deposit Guarantee Schemes Directive proposes that account holders would receive money within seven days, and recoup up to €100,000, if their bank fails.

The Investor Protection Scheme is designed to compensate against fraud and malpractice up to amounts of €50,000.