I hope there is no such thing - it essentially socialises any risk in banking. Northern Rock ought to have gone under. Why should the taxpayer bail out feckless bankers?
There is a Deposit Guarantee Scheme. This is funded by all the deposit taking banks and not guaranteed by the state.
The current amount of money in the fund is €400m.
By comparison, the much abused Savings Protection Scheme of the Credit Unions has €110m in it.
Is the protection scheme for deposits in the Post Office not state guaranteed?Let's be quite clear. There is no state guarantee for Irish deposits.
The news on Friday was that AIB had 464 billion 'wiped off' its value
I've just caught up with this thread split now.HI Oysterman
I have moved this post to here, as it is off topic.
Some people might find your post misleading, so you might want to clarify what you mean and edit the title accordingly.
Brendan
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