Each of the covered institutions covered by the Bank Guarantee Scheme pays a quarterly charge to the Exchequer for the guarantees under the Credit Institutions (Financial Support) Scheme 2008 (CIFS) and the Eligible Liabilities Guarantee (ELG).
The amount of money paid under CIFS in the mandated Central Bank account, including interest accrued to date, is €718,360,000.
We intend to collect at least €1bn from the guaranteed institutions for institutions covered under CIFS and ELG guarantees for the period September 2008 to September 2010. After the expiration of the Covered Institutions (Financial Support) Scheme in September 2010, money collected will be transferred to the Central Fund. It is my intention that income from the Eligible Liabilities Guarantee will be paid into a separate Central Bank account which will be transferred into the Central Fund.
In addition to the charge for the Guarantee levied on the covered institutions, institutions under the Guarantee are obliged to recoup the administrative costs of the Guarantee to the Minister. To date payments of €2,495,459 have been made and received by my Department as an appropriation-in-aid, covering the period September 2008 to April 2009. There will be further charges made periodically between now and the end September 2010 when the Scheme is due to end.