National Irish Bank joins the Irish scheme

NIB are taking advantage of clause in the Irish legislation to become covered by the Irish scheme, so NIB depositors are now covered up to €100k.

Source an email from NIB

Brendan

As discussed just now, following the announcement on Saturday that the Government is to increase the Deposit Guarantee limit to €100,000 per depositor.

National Irish Bank customers are already covered up to approx €40,300 by the Danish Guarantee Fund (300,000 DKK). Today, National Irish Bank has submitted its application to the Irish Financial Regulator to supplement that customer protection to a new maximum of €100,000 per customer.

Since 2007 National Irish Bank has been a full branch of Danske Bank, and so it was covered under the Danish Guarantee Fund. However, National Irish Bank is also empowered under Irish law to seek supplementary protection for its customers to match local guarantee levels under the Irish deposit protection scheme, which it is now doing.



Regards

Simon


Simon Fullam
Media Relations Advisor
National Irish Bank

Click to expand...

Brendan

from nib.ie...

Customer Queries
Over the past week some customers have made enquiries as to the revised protection announced by the Minister for Finance last week.

National Irish Bank can now confirm that the provisions of Ireland’s enhanced deposit guarantee scheme, as announced by the Minister for Finance, apply to National Irish Bank and thus each depositor will enjoy coverage of up to €100,000.

It is also worth underlining that customers who place their savings with National Irish Bank enjoy the additional peace of mind that they are placing their savings with the highest-rated full-service credit institution in Ireland. With an AA1 (Moody’s) credit rating, National Irish Bank is the highest-rated full service bank in the Republic of Ireland.

Press statement issued today by NIB. It's a bit of an advertisement, but it does clear up a few things, so I am reproducing it.

National Irish Bank is part of the Danske Bank Group, a well-capitalised and strong European banking group. National Irish Bank enjoys the highest credit rating of any full service bank in Ireland. Danske and National Irish Bank have a credit rating of Aa1 from the Moody's Ratings Agency together with similar ratings provided to the Danske Bank Group by Standards & Poors and by Fitch.

As a branch of Danske Bank, National Irish Bank benefits from a market capitalisation of €16.5bn and total assets of €450bn, figures which are considerably higher than those of any Irish-based bank. Danske Bank Group shareholders' equity exceeds €13.4bn (euro equivalent) and it has a liquidity reserve of €40.3bn (euro equivalent).

Following the statement by the Minister for Finance on Saturday 20th September, National Irish Bank customers benefit from deposit protection of up to €100,000 per depositor.

Andrew Healy, Chief Executive Officer, National Irish Bank said, “Clearly some customers may have concerns about their deposits given the unprecedented turbulence in the international financial markets. National Irish Bank is part of a strong banking Group, Danske Bank Group, and with its AA1 credit rating is the highest rated full service bank in Ireland. National Irish customers benefit from the Irish Government’s deposit protection scheme and the Danish Deposit Guarantee scheme. This means that as well as banking with one of Europe's strongest financial institutions National Irish Bank customers have the additional peace of mind that their deposits with us enjoy deposit protection to the amount of €100,000 per depositor.”

Click to expand...

2nd October, 2008
National Irish Bank confirms that it intends to apply to participate in the Government scheme approved by the Seanad into legislation last night.
Andrew Healy, Chief Executive, National Irish Bank said, "We have highlighted to Government our concerns that the scheme, whilst very positive in under-pinning the stability of the Irish banking system, could distort competition and create an uneven playing field. The scheme in its current form excludes some banks which are an integral part of the Irish economy and commercial life, providing investment, employment and a vital high street presence for consumers and businesses. It could also give rise to some confusion and concerns on the part of banking customers. In recent years foreign-owned banks have provided fresh new competition to the Irish market and more choice and value for Irish customers. Irish people want and need this competition in my view. It is therefore important that foreign-owned banks, with obvious commitment to Irish jobs, consumers and businesses, should not be discriminated against."

National Irish Bank is one of the main clearing retail banks in Ireland with more than 200,000 customers and a large high street branch network. As a Clearing Bank, it is an integral part of Ireland's payments and money transmission systems.

Following its acquisition 3 years ago, National Irish Bank is part of the Danske Bank Group, a well-capitalised and strong European banking group. National Irish Bank enjoys the highest credit rating of any full service bank in Ireland. Danske and National Irish Bank have a credit rating of Aa1 from the Moody's Ratings Agency together with similar ratings provided to the Danske Bank Group by Standards & Poors and by Fitch.

As a branch of Danske Bank, National Irish Bank benefits from a market capitalisation of €16.5bn and total assets of €450bn, figures which are considerably higher than those of any Irish-based bank. Danske Bank Group shareholders' equity exceeds €13.4bn (euro equivalent) and it has a liquidity reserve of €40.3bn (euro equivalent).

National Irish Bank is the KPMG Retail Bank of the Year 2008 and MoneyMate Online Bank of the Year 2008.