James Bannon (Longford-Westmeath, Fine Gael)
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Question 87: To ask the Minister for Finance if bank deposits are secure; and if he will make a statement on the matter. [44564/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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All deposits in Irish banks, building societies and credit unions of up to €100,000 per person are covered by the Deposit Guarantee Scheme which is a European standard. This is not subject to an end date and continues indefinitely. In addition, under the Credit Institutions (Extended Liabilities Scheme) 2009 (ELG), demand deposits in excess of €100,000 are covered until 30 June 2011. Amounts deposited for a fixed-term with a bank between when it signed up to the ELG (see table below) and 30th June 2011 are covered until maturity up to a maximum of 5 years. The Government is seeking an extension of the ELG until end of December 2011.

The Irish banking system retains the support, not only of the Central Bank of Ireland, but of the European institutions.

The purpose of the external assistance by our European partners and the International Monetary Fund is to provide stability and confidence. Measures aimed at underpinning the stability of the banks provide the necessary assurance to depositors and investors that their funds are fully secure.

Participating Institutions under the Credit Institutions (Eligible Liabilities Scheme) 2009