Joanna Tuffy
Ceist:44 Deputy Joanna Tuffy asked the Minister for Finance if he envisages the extension of the eligible liabilities guarantee scheme beyond end 2010; and if he will make a statement on the matter. [34048/10]
Amharc ar fhreagraThursday, 30 September 2010
Ceisteanna (49, 50)
Kieran O'Donnell
Ceist:143 Deputy Kieran O’Donnell asked the Minister for Finance if he intends to extend the eligible liabilities guarantee scheme beyond 31 December 2010. [34309/10]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 44 and 143 together.
The Deputies will be aware that a Statutory Instrument which extends the Eligible Liabilities Guarantee Scheme to 31 December 2010 was approved by both Houses of the Oireachtas yesterday. This is an important support to the Irish banking system, facilitating its access to both short and longer term funding to help maintain the overall stability of the banking sector and complements the broad Government Strategy to restore fully the banking system and maximise its contribution to overall economic recovery.
With regard to the situation beyond end 2010, my Department and the relevant state authorities along with the EU Commission will continue to monitor market developments over the coming months so as to confirm that the Guarantee continues to underpin the core principles of financial stability and funding access for the financial institutions. Approval for the continued provision of financial support under this Scheme must be sought from the European Commission every six months in accordance with EU State aid requirements.