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

IsleOfMan

Registered User
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I was told today by a financial institution that the state guarantee scheme for depositors has been extended to 2014? He said that it was for all amounts in the 6 named institutions. Is this correct?
 
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4,931
The Financial Regulator states the 2009 Government guarantee covers the below ...

Demand deposits over €100,000 are covered until 29 September 2009.

Term Deposits over €100,000 made from the 9 December 2009 to 29 September 2010 are covered up to their maturity or 29 September 2015, whichever is sooner.

The first €100,000 of any eligible deposit is covered under the Deposit Guarantee Scheme

So only term deposits over 100,000 EUR that mature after 29th September 2010 are covered, not deposits over 100,000 EUR after 29th September 29th 2010. It would appear.
 

IsleOfMan

Registered User
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795
So a Term Deposit that is "rolled over" for a new term but was opened originally before the 9th December might not be covered until 2015?

And what about under €100k?
 

IsleOfMan

Registered User
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795
I spoke to a person in EBS Direct this week who told me that all sums of money are now covered until 2015. If this is not correct why are people who are dealing with customer calls giving out incorrect information?
Can you trust anything that anyone says anymore?
 
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4,931
Yeah, what EBS told you is plain wrong.

Nobody has signed up to the 2009 guarantee and it does not cover "all sums of money".
 

OPTIMUM

Registered User
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102
Amazingly, there has been little media coverage about this issue. Is there a media embargo on the subject ? All reports so far have been about EU / ECB concerns about the previous guarantee scheme. Sounds like the plan is to phase it out quietly...
 
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4,931
Agreed, I am very surprised that the media has missed the fact that the 2009 guarantee covers far less than the 2008 guarantee.

The media reports calling the 2009 guarantee an 'extension' are completely misleading.
 

Monksfield

Registered User
Messages
107
Nationwide now in.Postbank not yet in.No certificate in name of PTSB either - perhasps covered by within ILP.
 
I

irishlinks

Guest
Nationwide now in.Postbank not yet in.No certificate in name of PTSB either - perhasps covered by within ILP.

PTSB is part of Irish Life and Permanent .
Postbank won't be joining (I am pretty sure) - they were not included in the original 100% guarantee scheme.
 

damson

Registered User
Messages
258
From today's (London) Times:
Northern Rock savers lose their guarantee.
Millions of savers with Northern Rock will lose the unlimited guarantee on their deposits after the Government lifts the measure on all variable-rate accounts today.
The move, which brings the bank in line with its competitors, reduces the guarantee to the first £50,000 for each customer under the Financial Services Compensation Scheme. Existing fixed-rate accounts will continue to benefit from the unlimited guarantee until their agreed term expires.

Story here.
 

pascal12

Registered User
Messages
33
After Dec 2010

[FONT=&quot]I took this from the EBS website where I have an interest, I think it is accurate and want to sound out what the future holds?[/FONT]
[FONT=&quot]
On-demand accounts in excess of €100,000 are guaranteed until 31 December 2010 regardless of the date the account was opened. [/FONT]
[FONT=&quot]
Fixed term deposits in excess of €100,000 made with a bank or building society after the date the institution joined the ELG Scheme and up to 31 December 2010 are guaranteed for the full term of the deposit, up to a maximum term of five years. - For example, a two year fixed term deposit of €150,000 made with an ELG member bank on 1 May 2010 is guaranteed for the full two years of the term i.e. until 30 April 2012 . The guarantee will last regardless of what happens to the ELG Scheme in future. [/FONT]
[FONT=&quot]
Fixed term deposits in excess of €100,000 made before the date the bank joined the ELG Scheme are guaranteed under the previous guarantee scheme being the Credit Institutions (Financial Support) (CIFS) Scheme 2008 until 29 September 2010. [/FONT]
[FONT=&quot]The guarantee on notice accounts is similar to that for on demand accounts, except that the guarantee will also last for any notice period if notice of withdrawal is made before 31 December 2010. [/FONT]
[FONT=&quot]
The ELG Scheme also applies to certain corporate deposits and debt liabilities.[/FONT]
[FONT=&quot]
This applies to the EBS who joined the ELG Scheme in Feb 2010[/FONT]
[FONT=&quot]My question is what happens after Dec 2010 when ELG expires especially for someone lucky to have more than 100k.[/FONT]
 
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