Dáil Éireann Debate, Thursday - 26 November 2015
82. Deputy Michael McGrath asked the Minister for Finance the 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. [42269/15]
Amharc ar fhreagraOn the 26 February 2013, following a decision by the Cabinet, it was announced that the ELG Scheme would end for new liabilities at midnight on 28 March 2013. Liabilities incurred after January 2010 and before midnight on 28 March 2013 remain covered until their next maturity subject to a maximum term of 5 years (28 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-September 2015 (latest available data), ELG exposure has fallen, following the run-off of maturing deposits and bonds, to c. €3.5 billion. It is expected that the majority of ELG covered liabilities will reduce in 2016, with smaller amounts falling in 2017, and only a residual amount remaining in the first three months of 2018.
