- Important Notice in relation to what deposits are protected and in which Institutions.

Eligible Liabilities Guarantee Scheme (ELGS)
Deposit Protection Scheme (DPS)

(Prepared 3rd September 2010)


For a deposit over €100k to be covered by ELGS the deposit must have started between 4 January 2010 and 31 December 2010 with a Participating Institute

The first €100,000 is secured with the DPS in any case but whether the amount above the €100,000 is secured depends on whether your institution was a member of the ELGS when you deposited your money.

Deposits over €100,000 which existed before the participating institute
joined the ELGS scheme are not guaranteed.

Only deposits over €100,000 placed after the date the participating institute
joined the scheme will be guaranteed.  Please see details of date institutions joined scheme below:

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
Bank of Ireland (UK) plc. 21/07/2010

The Bank Guarantee Scheme Eligible Liabilities Guarantee Scheme (ELGS) which was launched in September 2008, has recently been extended to 31st December 2010.

The scheme was due to expire on 29th September 2010 and the European Commission has given permission to the government to extend it until the end of the year. 

Some confusion has been caused between this scheme and the Deposit Protection Scheme (DPS) The DPS scheme has been in place from 1995 and has no end date.

The Deposit Protection Scheme (DPS) guarantees the following: • Individual deposits of up to €100,000 at any bank, building society or credit union regulated by the financial regulator.

The scheme applies per person, per institution. This means the most you can claim is €100,000 per institution.

This scheme currently reaches to 16 Irish and non Irish deposit taking institutions in Ireland however this will reduce to 14 due to Halifax exiting the Irish market and the An Post’s postbank due to wind up.

How is Deposit Protection Scheme DPS different from ELGS?

DPS – Covers you for any deposit per institution up to €100,000

If you have more than €100,000 then the money above the €100,000 will be covered by the ELGS until the end of December 2010.

Please note ELGS only covers 7 institutions: AIB, Anglo Irish Bank, Bank of Ireland, EBS, ICS, Irish Life and Permanent and Irish Nationwide.

Important Points to Consider

The ELGS applies to all types of accounts including current accounts.
It applies to fixed term deposits in qualifying institutions, which are protected in full for up to five years.
The Rules for Fixed Term Deposits are different as there is a time limit for qualifying.

For Further Information on any of the information above please log on. NTMA

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