EBS and AIB - Deposit Guarantee Query

[WinnerAlright]

I understand AIB still own EBS.
If you have a deposit account with both, do you have a state guarantee of 100k with EBS and 100k with AIB?

 

[RedOnion]

My understanding is that they continue to operate as separate credit institutions, so you can have the guarantee with both (I don't have the deposit levels yet to stress about it)

https://www.depositguarantee.ie/en/what-we-cover/protected-depositors-covered-institutions

 

[WinnerAlright]

Thanks a lot RedOnion for the quick reply

 

[Lightning]

I understand AIB still own EBS.
If you have a deposit account with both, do you have a state guarantee of 100k with EBS and 100k with AIB?

Yes. 100k in EBS and 100k with AIB.

The Deposit Guarantee Scheme is not state guaranteed.

 

[WinnerAlright]

Thanks!

 

[messyleo]

Yes. 100k in EBS and 100k with AIB.

The Deposit Guarantee Scheme is not state guaranteed.

Sorry Ciaran - could you explain the difference here. I thought the state guaranteed deposits up to 100k, but I see now it is the Central Bank (I think?). Does the money not come from the state regardless?
Does this make the state savings guarantee any better than AIB for example?

Thanks

 

[Lightning]

The Central Bank of Ireland are the administrators for the Deposit Guarantee Scheme.

The money in the Deposit Guarantee Scheme comes from members of the Deposit Guarantee Scheme who are banks and deposit taking institutions including credit unions.

The NTMA State Savings product is guaranteed by the state along with all Irish sovereign debt.

I would not use the word "better" to describe either.

 

[messyleo]

Thanks Ciaran - I did not realise there was a difference, so thanks for clarifying!