Finian McGrath (Dublin North Central, Independent)
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Question 112: To ask the Minister for Finance if he will clarify a matter (details supplied). [44904/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Retail (consumer) deposits are guaranteed under the statutory €100,000 Deposit Guarantee Scheme (DGS) which covers 100% of 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 guarantee does not have an end date.

As the Deputy may be aware, the Eligible Liabilities Guarantee (ELG) Scheme was extended in national law by the Oireachtas on 17 November last until 31 December 2011, subject to six-monthly State aid approval by the European Commission. The ELG Scheme guarantees the balance of retail deposits in the participating institutions (which include the two institutions specified by the Deputy) over the €100,000 limit of the DGS, and 100% of the balance of corporate deposits, as set out below.

The balance in on-demand accounts or current accounts in an ELG Scheme participating institution in excess of any amount covered by the DGS will be guaranteed until 30 June 2011 (which is the maximum period under EU State aid rules for which approval can be received) regardless of the date the account was opened. The balance on fixed term deposits (in excess of €100,000 covered by DGS where applicable) opened with a participating institution during a period from the date the participating institution joined the ELG Scheme up to 30 June 2011 will be guaranteed for the full term of the deposit, up to a maximum deposit term of five years. A list of the dates when participating institutions joined the ELG Scheme can be found at www.ntma.ie.