Key Post IFSRA Guide to which bank is covered for how much

Brendan Burgess

Founder
Messages
44,141
The Financial Regulator has a good list here

Irish Government guarantees all deposits

Allied Irish Banks plc (AIB)

Anglo Irish Bank Corp.

Bank of Ireland (The Governor and Company of Bank of Ireland)

EBS Building Society

ICS Building Society (also trades as The Mortgage Store)

Irish Life & Permanent plc (Permanenttsb)

Irish Nationwide Building Society

An Post/ Postbank Ireland Limited

Credit Unions
Irish Deposit Protection Scheme – 100% of deposits up to max. €100,000
Full details here
 
X

xr7

Guest
The Bank guarantee scheme says all deposits are guaranteed.
Does that include trackers and unit funds?
 

SINED

Registered User
Messages
21
Can you advise if Investec is covered by the Goverment Guarantee their rate is very good at the moment, and I am looking to invest 50k for 12 Months I am new to the site any help would be most welcome
 
I

irishlinks

Guest
Can you advise if Investec is covered by the Goverment Guarantee their rate is very good at the moment, and I am looking to invest 50k for 12 Months I am new to the site any help would be most welcome

100% of the first £50,000 per person. (UK Scheme) as per this link which is in the in top post .
 

skrooge

Registered User
Messages
327
hey folks
interesting to see no-one mention in this thread that the government guarantee scheme will no longer apply beyond 29 september 2010. What the situtation will be post 29 September no-one knows presently - including the Minister of Finance.

Does anyone have a clear understanding of the differences (apart from the deposit amounts) between the Gov. Guarantee Scheme and the Gov. Deposit Scheme. i.e. was the former designed to replace the latter, or are both schemes currently in force. (I have been unable to find any mention of "expiry date" w.r.t. the Deposit scheme).

thanks in advance
rgds
cimo

I was going to quote the itsyourmoney.ie page but it was slightly inaccurate. http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=94&3nID=662&nID=757#DGS.. Here’s my version...a minor tweak

The Government guarantee is in addition to the Deposit Guarantee Scheme. So, the first €100,000 in most [DON'T PANIC!!! not all banks are covered under the Irish scheme rather they are covered under their respectively national schemes such as Rabo under the Dutch scheme] banks are covered by banks and building societies is covered by the Deposit Guarantee Scheme and the balance is covered by the Government guarantee.

The Deposit guarantee scheme is separate to the Government guarantee. It’s unfortunate that people are getting them confused. But yes they are both running in tandem at present. The deposit guarantee scheme is designed to protect savers in case a bank fails in normal times. The Deposit guarantee scheme has been around since well before the current crisis. Albeit it was increased last year from a maximum of 20K to 100K (thank you very much) http://www.finance.gov.ie/viewdoc.asp?DocID=5466&CatID=1&StartDate=01+January+2008&m=

The Government guarantee was brought in to try and help our banks last year. For personal savers the Government guarantee scheme effectively acts as a temporary top up scheme to the deposit guarantee scheme i.e., it guarantees amounts above €100K. However, this additional insurance is due to run out next September [DON@T PANIC AGAIN!!! That’s 2010].

What’s it all mean? Well if you've less than €100K in a covered bank you've nothing to worry about. If you've over €100K (lucky you!) then you've nothing to worry about until next September and even then you're only going to be in a position to loose money if the bank you've deposited your money with goes bust and I doubt the government will let that happen....based on this http://www.irishtimes.com/newspaper/ireland/2009/0917/1224254726536.html it looks like it will be extended anyway
 

Joanne1

Registered User
Messages
105
Ulster Bank is not on that list. Are my savings there covered by the deposit guarantee up to 100k, which will not expire in 2010.
 

skrooge

Registered User
Messages
327
Ulster Bank is not on that list. Are my savings there covered by the deposit guarantee up to 100k, which will not expire in 2010.


On the link (http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=94&3nID=662&nID=757#DGS). You’ll find a table at the bottom of the page outlining which banks are covered by what scheme. Ulster bank is included and as you correctly pointed out Ulster bank deposits are covered up to €100K and are not affected by the Irish Government Guarantee scheme.
 
M

michael121

Guest
Hi
I would like to clarify if monies held in “share accounts” in both EBS and Irish Nationwide building societies are cover by the scheme.
Also after Nationwide bad loans are transferred to NAMA what will happen to Irish Nationwide share accounts? Can funds still be withdrawn?
 

OPTIMUM

Registered User
Messages
102
hey folks
interesting to see no-one mention in this thread that the government guarantee scheme will no longer apply beyond 29 september 2010. What the situtation will be post 29 September no-one knows presently - including the Minister of Finance.

Does anyone have a clear understanding of the differences (apart from the deposit amounts) between the Gov. Guarantee Scheme and the Gov. Deposit Scheme. i.e. was the former designed to replace the latter, or are both schemes currently in force. (I have been unable to find any mention of "expiry date" w.r.t. the Deposit scheme).

thanks in advance
rgds
cimo
.
Newspaper reports today that EU Commission have approved the extension of the scheme for 5 years but subordinated debt will not be covered. It doesn't state explicitely that the all deposits will be guaranteed, so we will have to awit the document to confirm this. I should be posted on Dept of Finance website shortly.
 

OPTIMUM

Registered User
Messages
102
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4,931
Cheers, good spot, I have added it to my changedetection.com list. It will be interesting to keep an eye on this.
 
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4,931
Dáil passes State bank guarantee extension

http://www.irishtimes.com/newspaper/finance/2009/1204/1224260041736.html

THE EXTENSION to the State bank guarantee was passed by the Dáil yesterday, paving the way for covered banks to apply to use the support to raise funding due beyond the two-year blanket guarantee, ending next September.

The Dáil passed the extension to the guarantee under a statutory instrument by 73 votes to 65.

So, not yet in force, but close to coming into force.

What is the new expiry date? Can anyone supply a link to the legislation?
 

Merti

Registered User
Messages
11
In the IT article it states-Quote
"Secondly, the temporal scope of the scheme has been modified. The instruments guaranteed under the scheme may be issued from December 1st 2009 until June 1st 2010," it added.
Not sure what this sentence means. Does it refer to new financial products taken out in this period - or are all existing deposits covered beyond Sept 2010?? ??
 
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4,931
The minister for finance still needs to sign this.

The financial regulator website appears to indicate that the old guarantee is still in force exclusively.
 
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