Dáil Éireann Debate, Thursday - 14 February 2013
130. Deputy Michael McGrath asked the Minister for Finance the projected time horizon over which claims by deposit holders at the Irish Bank Resolution Corporation under the eligible liabilities guarantee would have been paid had the institution not been put into liquidation; the potential maximum cost of such claims; and if he will make a statement on the matter. [7897/13]
View answerI have been advised that the deposits held by IBRC at the end of January were €323m. Had IBRC not been liquidated I would expect that these deposits would have been paid in line with their expected contractual maturities. Eligible deposits are covered by the Deposit Guarantee Scheme and the Eligible Liabilities Guarantee schemes. Eligible deposits in IBRC of up to €100,000 for an individual or €200,000 for a joint account are protected by the DGS scheme. Eligible deposits above this are protected by the ELG scheme. The Special Liquidators will provide details of eligible depositors and account balances to the Central Bank. Payments will then be made by cheque within 20 working days of the appointment of the Special Liquidators and will be sent to depositors at the address held by IBRC. The Central Bank will keep customers of IBRC informed by providing regular updates on its website. Claimants covered by the ELG scheme must submit a claim to the NTMA. Claims forms can be found on their website at www.ntma.ie.
