Thursday, 18 April 2013

Questions (80)

Michael McGrath


80. Deputy Michael McGrath asked the Minister for Finance the amount of funds covered by the eligible liabilities guarantee; the amount he expects that will be covered by it at the end of 2013, 2014 and 2015 respectively; and if he will make a statement on the matter. [18168/13]

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Written answers (Question to Finance)

The Central Bank of Ireland report an amount of €68.349 bn. for outstanding liabilities covered under the Eligible Liabilities Guarantee scheme 2009 (ELG scheme) at end February, 2013, which is the latest available figure. Estimated ELG liabilities at end 2013, 2014, and 2015 as recently reported by the participating institutions are set out in the following table.




€21.446 bn.

€16.025 bn.

€3.264 bn.

The Deputy will be aware that the ELG Scheme issuance period for eligible liabilities ended at midnight on 28 March, 2013. However, eligible liabilities covered under the scheme which were incurred up to that time continue to be covered up to their maturity date which could be up to five years maximum from the date the liability was incurred. This means that covered liabilities will wind down over the period 28 March, 2013 to 27 March, 2018 at the latest.