• Deposit Guarantee Scheme (DGS) – This scheme covers deposits up to a maximum of €100,000 per depositor per institution and does not have an expiry date.
Eligible accounts up to €100,000 are protected under the deposit guarantee scheme, the balance being protected by the ELG scheme. 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 Ulster Bank.
• The Credit Institutions Eligible Liabilities Guarantee (ELG) Scheme 2009 came into effect on 9 December 2009 with an initial expiry date of 29 September 2010 subject to review.
Since this date, the scheme has had its extension approved by the EU Commission on several occasions and in accordance with their practice of approving member state guarantee schemes for six month periods at a time.
Currently the ELG scheme extends to 31 Dec 2012. This date can be extended further with EU state aid approval. The next review of the ELG Scheme will take place in advance of 31 Dec 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 expiry date.
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