Dáil Éireann Debate, Thursday - 27 May 2010
68 Deputy Joan Burton asked the Minister for Finance the amount of liabilities covered under the bank guarantee which mature before 1 October 2010, including a breakdown per participating institution; and if he will make a statement on the matter. [22449/10]
Amharc ar fhreagraAs the Deputy will be aware the original Guarantee under the Covered Institutions Financial Support Scheme (CIFS) is due to expire on 29 September. However, a new Guarantee, the eligible Liabilities Guarantee Scheme (ELG) has been introduced. Liabilities guaranteed under ELG are covered up to their maturity date, to a maximum of five years. In addition, customer deposits up to €100,000 are permanently covered under the Deposit Guarantee Scheme. These are not included in the CIFS/ELG figures.
Total liabilities covered under CIFS and ELG stood at €269bn at end March 2010. No new liabilities are being guaranteed under CIFS and eligible liabilities that are new or being "rolled over" fall under ELG. As of end April a total of €188bn was expected to mature before 1 October. This figure assumes demand deposits mature in the first month and notice deposits mature as if notice were given at end April. The Deputy will appreciate that the position of individual covered institutions is highly sensitive commercially and that I have therefore confined my reply to aggregate figures.
