Dáil Éireann Debate, Tuesday - 15 July 2014
163. Deputy Michael McGrath asked the Minister for Finance the estimated funds currently covered by the eligible liabilities guarantee; the rate at which this will decline; and if he will make a statement on the matter. [30781/14]
View answerAt the date of ending the Scheme for new liabilities (midnight 28th March 2013), ELG covered liabilities stood at c. €74.6 billion. The most up-to-date information available at 30th April 2014 illustrates that ELG covered liabilities have fallen following the run-off of maturing deposits and bonds to c. €16.3 billion a reduction of c. €58 billion in just over a year with little direct impact on overall deposit volumes at the Covered Banks.
Following the ending of the Scheme in March 2013, a re-forecasting exercise was carried out based on the maturity profile of the remaining liabilities covered under the ELG Scheme. As the quantum of liabilities diminishes, the resulting fees paid to the Exchequer continue to reduce, however, this is built into budgetary forecasting.
