Ciarán Lynch (Cork South Central, Labour)
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Question 88: To ask the Minister for Finance the liabilities currently guaranteed under the credit institutions financial support scheme; the liabilities currently guaranteed under the eligible liabilities guarantee scheme; the liabilities he expects to be guaranteed under ELG guarantee scheme before 30 September 2010; and if he will make a statement on the matter. [17201/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The total amount guaranteed under the Eligible Liabilities Guarantee Scheme at 31 March 2010 was €140bn. Of this amount, guaranteed deposits amounted to €108bn. The last audited figures for CIFS were at end year 2009 and liabilities stood at €280bn. However, liabilities covered under the CIFS Scheme have been decreasing significantly over the course of Q1 as monies migrate to ELG when they roll and audited figures are not available as yet.

The scope of coverage under the ELG Scheme is considerably less than that under the CIFS Scheme with dated subordinated debt and asset covered securities no longer guaranteed. The structure of the ELG Scheme allows participating institutions to issue both guaranteed and unguaranteed liabilities, which will help reduce their reliance on State support over time as financial market conditions continue to improve. Thus it is difficult to estimate the sum will be covered by the ELG Scheme come September 2010. However, given that the scope is more restricted than CIFS and that ELG will only apply to fixed term deposits after this date, I expect outstanding guaranteed liabilities to be considerably lower than the €280bn which was guaranteed under CIFS at end 2009.