Joe Behan (Wicklow, Independent)
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Question 77: To ask the Minister for Finance the precise position regarding the Government guarantee of all bank deposits; the advice he will give to persons holding investments in banks with a termination date post-September 2010; and if he will make a statement on the matter. [21195/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I presume the Deputy's question refers to customer deposits. 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 €100,000 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 €100,000 and all corporate deposits are currently guaranteed until 29 September 2010 under the Eligible Liabilities Guarantee (ELG) Scheme. Term deposits made with participating institutions after they joined the ELG 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. Institutions participating in the ELG scheme will be able to advise any customer whether their term deposit is guaranteed on this basis.

In the statement on the banks which I made on 30 March 2010 I announced that I will be seeking the Commission's agreement for a modified extension of the guarantee. In line with the State aid approval granted by the European Commission on 20 November 2009 in respect of the Eligible Liabilities Guarantee Scheme, the Commission is due to undertake its six-monthly review of the Scheme on 1 June next. Discussions are progressing with the Commission regarding the terms of the prolongation which will be communicated publicly once an agreement is concluded.

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. Any new information on the Scheme will be posted on my Department's website as soon as it is available.