Under 5 weeks left for the guarantee to be extended and no news from Europe yet.
I thought that this was in place, already. That previous mention of it on the news threw me off. Can anyone clarify that this guarantee is indeed not in place, and if so, when will the guarantee be in place,
The Minister said the scheme would be subject to six-monthly EU Commission approval. He said approval has been sought and was expected to be given until June 30 2012.
Mr Noonan told the Dáil the ECB had advised the Government that a further extension of the scheme would be beneficial, while the Central Bank and NTMA had also backed its continuation. The need for the extension of the scheme is beyond question, the Minister said.
The institutions covered by the ELG scheme are: AIB, Bank of Ireland, Irish Life & Permanent and the IBRC (formerly Anglo Irish Bank and the Irish Nationwide Building Society) and their subsidiaries, including the EBS.
One point on the guarantee scheme in the context of any break-up of or withdrawal from the Euro is gnawing at me.
If I have placed a deposit of €100,000 under the guarantee scheme, isn't the Irish government guaranteeing that I receive 100,000 Euros not 100,000 punts nua with a value of (probably) less than 100,000 Euros.
I realise this is probably a pointless question, because some way out of the obligation will be found, but I am surprised I haven't seen any commentary about it.
Could a depositor sue the State for the difference between his/her deposit in Euros and in punts nua if we devalue?
If I have placed a deposit of €100,000 under the guarantee scheme, isn't the Irish government guaranteeing that I receive 100,000 Euros not 100,000 punts nua with a value of (probably) less than 100,000 Euros.
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