James Bannon
Question:87 Deputy James Bannon asked the Minister for Finance if bank deposits are secure; and if he will make a statement on the matter. [44564/10]
View answerThursday, 25 November 2010
Questions (89)
Written answers
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) 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.
|
Institution |
Date Institution joined ELG scheme |
|
Irish Life and Permanent plc |
4/1/2010 |
|
Irish Permanent (IOM) Limited |
4/1/2010 |
|
Bank of Ireland |
11/1/2010 |
|
Bank of Ireland Mortgage Bank |
11/1/2010 |
|
Bank of Ireland (UK) plc |
27/7/2010 |
|
Bank of Ireland (IOM) Limited |
11/1/2010 |
|
The ICS Building Society |
11/1/2010 |
|
Allied Irish Banks plc |
21/1/2010 |
|
AIB Group (UK) plc |
21/1/2010 |
|
AIB Bank (CI) Limited |
21/1/2010 |
|
AIB Banks North America Inc. |
21/1/2010 |
|
Anglo Irish Bank Corporation Limited |
28/1/2010 |
|
Anglo Irish Bank Corporation International plc |
28/1/2010 |
|
EBS Building Society |
1/2/2010 |
|
Irish Nationwide Building Society |
3/2/2010 |
|
Irish Nationwide (IOM) Ltd |
3/2/2010 |