There has been a lot of confusion regarding the Eligible Liabilities Guarantee (ELG) coverage; the following summarises the guarantees in place for deposit accounts on a demand/notice and fixed basis.

The Government / Banks are seeking funds on deposit for a longer term hence the change to the guarantees going forward. It is important to note that the ELG scheme is only being implemented on fixed accounts opened between the dates the institutions were accepted into the ELG scheme up to the 29th September 2010. If a fixed account is opened before the institution was accepted into the ELG scheme or after the 29th September 2010, these accounts will not be covered beyond €100,000.

Dates of acceptance of institutions into the new Government guarantee scheme:

Institution	Date of Issue
Irish Life and Permanent plc	4/1/2010
Irish Permanent (IOM) Limited	4/1/2010
Bank of Ireland	11/1/2010
Bank of Ireland Mortgage Bank	11/1/2010
The ICS Building Society	11/1/2010
Bank of Ireland (IOM) Limited	11/1/2010
Allied Irish Banks, p.l.c.	21/1/2010
AIB Group (UK) p.l.c.	21/1/2010
AIB Bank (CI) Limited	21/1/2010
AIB Banks North America Inc.	21/1/2010
Anglo Irish Bank Corporation Limited.	28/1/2010
Anglo Irish Bank Corporation (International) plc.	28/1/2010
EBS Building Society.	01/02/2010
Irish Nationwide Building Society.	03/02/2010
Irish Nationwide (IOM) Ltd.	03/02/2010

Demand Accounts
Up to €100,000 is covered under the deposit guarantee scheme. There is no end date on this guarantee.

The balance in excess of the €100,000 is covered up to 29th Sept 2010 under the current Government guarantee scheme.

There is no Government guarantee beyond September 2010 on demand accounts.

Notice Accounts
Up to €100,000 is covered under the deposit guarantee scheme. There is no end date on this guarantee.

The balance in excess of the €100,000 is covered until 29th September 2010 under the existing Government guarantee.

The revised guarantee on notice accounts is still under review with the Department of Finance and the NTMA.

Fixed Accounts
Fixed accounts are covered firstly up to €100,000 under the deposit guarantee scheme. There is no end date on this guarantee.

For the fixed account to be eligible for cover under the ELG scheme, the funds must be placed with the institution during the issuance window i.e. the institution must have been part of the ELG scheme before the fixed account is opened (dates set out above) and the funds must be placed on deposit for a fixed term before the 29th September 2010. If both these stipulations are not met the maximum coverage is to the expiry of the Government guarantee on the 29th September 2010.

Should the stipulations be met, the ELG guarantee will cover the deposit for the duration of the fixed term or to the 29th September 2015 whichever is sooner.

Rolling Off a Fixed Account
Should an account roll off a fixed rate after the 29th September 2010 the guarantee in place would therefore be the €100,000 under the deposit guarantee scheme. 

Please contact our deposit advisor Emer Brogan for more information on new or maturing deposit accounts.