Tuesday, 11 May 2010
Dáil Eireann Debate
Minister for Finance (Deputy Brian Lenihan): The existing statutory Deposit Guarantee Scheme (’DGS’) covers retail deposits with all credit institutions authorised in Ireland (including credit unions) up to a maximum of Eur100,000 per qualifying depositor per institution. The DGS does not have an end-date and will continue to apply after 29 September 2010.
On-demand deposits over Eur100,000 and all corporate deposits are currently guaranteed until 29 September 2010 under the Eligible Liabilities Guarantee (ELG) Scheme. This date is subject to six-monthly approval by the European Commission under state aid rules as is the case with all European guarantee schemes. This Scheme is due to be reviewed by the Commission before 1 June 2010. Term deposits made with participating institutions after they joined the Scheme can be guaranteed for the full term of the deposit even if this extends beyond 29 September 2010, subject to a maximum term of 5 years.
A list of the institutions that have joined the ELG Scheme and the dates they joined can be found on the website of the NTMA (www.ntma.ie) who act as operators of the Scheme on my behalf and can also be accessed on my own Department’s website.
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