Michael McGrath (Cork South Central, Fianna Fail)
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172. To ask the Minister for Finance the estimated funds covered by the eligible liabilities guarantee; the rate at which this will decline; and if he will make a statement on the matter. [29796/15]

Michael Noonan (Limerick City, Fine Gael)
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On the 26^thFebruary 2013, following a decision by the Cabinet, it was announced that the ELG Scheme would end for new liabilities at midnight on 28^thMarch 2013. Liabilities incurred after January 2010 and before midnight on 28th March 2013 remain covered until their next maturity subject to a maximum term of 5 years (28th March 2018).

At the date of ending the Scheme for new liabilities, coverage of the ELG stood at c. €74.6 billion. Since the ending of the scheme the covered liabilities have begun to mature from that date. By end-April 2015, ELG exposure has fallen, following the run-off of maturing deposits and bonds, to c. €4.1 billion. It is expected that the covered liabilities will reduced significantly by 2018. it is intended that a reforecast exercise in respect of the remaining covered liabilities will be carried out with the relevant financial institutions.