BoI UK Exit Bank Guarantee (ELG)

[Lightning]

BoI UK have exited the ELG according to the NTMA.

[broken link removed]

Accordingly, and at the request of Bank of Ireland (UK) plc, one of the participating institutions1 in the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (the “Scheme”), I, MICHAEL NOONAN, Minister for Finance, in accordance with paragraph 13 of the Schedule to the Scheme, hereby give notice that:

Deposits made with Bank of Ireland (UK) plc after the 30th of March, 2012, shall not be guaranteed under the Scheme.

I wonder if this includes the huge amount deposits that BoI have with the UK Post Office?

This is obviously a huge cost saving for BoI.

A sign of things to come?