In November 2010 the European Commission extended the Irish Bank Guarantee system until December 2012. The “Eligible Liabilities Guarantee” covers Irish Retail, Corporate and interbank deposits. The Banks covered under the ELG scheme are Irish Life and Permanent, Bank of Ireland, AIB, ICS Building Society, Anglo Irish Bank, EBS and Irish Nationwide.
The ELG covers amounts over €100,000 on deposit with the institution covered by the scheme. The first €100,000 is covered under the deposit guarantee scheme, however if DGS does not apply the deposit will be covered under the ELG.
Account types covered under the ELG are demand deposits, fixed term deposits, notice deposit accounts, corporate and interbank deposits and debt securities. Fixed term deposits are covered up to maturity as long as the term is 5 years or less and the deposit is made before the end of the guarantee expry date.
Eligable accounts up to €100,000 are protected under the deposit guarantee scheme, the balance being protected by the ELG scheme.
The Deposit Guarantee Scheme covers claims up to €100,000 per institution and per account holder (single and joint accounts)
Accounts covered include current accounts, demand deposit accounts term deposit accounts, share accounts and deposit accounts.
Institutions covered by the DGS are ACC Bank, AIB, Anglo, Bank of Ireland, Bank of Scotland (Halifax), Credit Unions, EBS, Irish Life and Permanent. Irish Nationwide, KBC, NIB, Northern Rock, Pfizer International Bank Europe, Postbank, and Ulser Bank.