Michael Noonan (Limerick East, Fine Gael)
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Question 437: To ask the Minister for Finance if money placed on a fixed term deposit account in one of the covered banks continues to be guaranteed if the bank guarantee scheme is discontinued before the fixed term expires; and if he will make a statement on the matter. [32232/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Under the ELG Scheme, term deposits with a term of 5 years or less which are made with one of the covered institutions after the institution joined the scheme and before midnight on 31 December 2010 will be guaranteed for their term. Any discontinuation of the Scheme in the future would have no effect on the guaranteed status of those deposits.

In addition, the Deputy should note that retail deposits of up to €100,000 per individual per institution are guaranteed under the Deposit Guarantee Scheme, which has no expiry date.