Dáil Éireann Debate, Thursday - 16 July 2015
172. Deputy Michael McGrath asked the Minister for Finance the estimated funds covered by the eligible liabilities guarantee; the rate at which this will decline; and if he will make a statement on the matter. [29796/15]
View answerOn the 26th February 2013, following a decision by the Cabinet, it was announced that the ELG Scheme would end for new liabilities at midnight on 28th March 2013. Liabilities incurred after January 2010 and before midnight on 28th March 2013 remain covered until their next maturity subject to a maximum term of 5 years (28th March 2018).
At the date of ending the Scheme for new liabilities, coverage of the ELG stood at c. €74.6 billion. Since the ending of the scheme the covered liabilities have begun to mature from that date. By end-April 2015, ELG exposure has fallen, following the run-off of maturing deposits and bonds, to c. €4.1 billion. It is expected that the covered liabilities will reduced be significantly by 2018. It is intended that a reforecast exercise in respect of the remaining covered liabilities will be carried out with the relevant financial institutions.
