# ELG Ends 28 March, Deposits Over 100k No Longer Protected



## Lightning (26 Feb 2013)

Minster Noonan has announced that the ELG guarantee is to expire on 28 March 2013 for "new liabilities". Hence, certain deposits over 100k from 28 March 2013 will be not protected any more. 

So much for the NCA and NTMA saying clearly on their websites that the ELG expires on 30 June 2013 !!

Term deposits opened prior to 28 March 2013 are covered for up to 5 years. 

The advise resumes once again, that if you have deposits over 100k, then  spread them over several banks.

I will wait until the NTMA/NCA update their websites, with the full details of the changes, before updating the best buys.


----------



## Lightning (26 Feb 2013)

NWL has an interesting piece on the end of the ELG here.


----------



## Godfather (27 Feb 2013)

Hi everyone+Brendan (to Brendan: I liked your intervention in the documentary on "Irish Nationwide" on RTE recently),

I was watching RTE News yesterday and they confirmed the deposit protection up to 100K Eur but nobody confirmed it "for each banking group/institution"... Can anyone let me know if there is anything in writing on this particular please?


----------



## Lightning (27 Feb 2013)

NTMA and NCA website are updated with the new deposit protection information. 



Godfather said:


> I was watching RTE News yesterday and they confirmed the deposit protection up to 100K Eur but nobody confirmed it "for each banking group/institution"... Can anyone let me know if there is anything in writing on this particular please?



Yes, it is 100k per bank per person. If you have more than 100k, split it over several banks. 

You can view it in writing on the NCA website.


----------



## Godfather (28 Feb 2013)

Thank you CiaranT!


----------



## Tuttlinghorn (4 Mar 2013)

*For new deposits or all deposits ?*

When I read the wording of the ad posted in the newspapers by the Govt, the wording seemed to suggest that the ELG was being removed for NEW deposits .... which seemed to infer that it would remain in place for existing deposits. I presume this was just me reading it too quickly ???


----------



## Lightning (5 Mar 2013)

Tuttlinghorn said:


> When I read the wording of the ad posted in the newspapers by the Govt, the wording seemed to suggest that the ELG was being removed for NEW deposits .... which seemed to infer that it would remain in place for existing deposits. I presume this was just me reading it too quickly ???



Term deposits opened (1) after the ELG started and (2) before 28 March 2013 are protected (3) provided the term lenght is less than 5 years. 

Instant access and notice accounts are not protected post 28 March 2013 for amounts over 100,000.00 EUR.


----------



## Kev (8 Mar 2013)

I wounder why they are excluding instance access and notice accounts does this mean that depositors of accounts of over £100k will be danger in a couple of weeks time.


----------



## Lightning (24 Mar 2013)

4 days to the end of deposit insurance for amounts over 100,000 EUR.

The timing could have be better given what is going on in Cyprus. 



Kev said:


> I wounder why they are excluding instance access and notice accounts



They are excluding pretty much everything over 100,000 to deposit insurance. It is not that notice and instant access accounts are being targeted, rather, term deposits require a different treatment due to the nature of the product.


----------



## ardmacha (24 Mar 2013)

IS AIB/EBS one entity or two for the purposes of the €100,000 guarantee?


----------



## Lightning (25 Mar 2013)

ardmacha said:


> IS AIB/EBS one entity or two for the purposes of the €100,000 guarantee?



One institution. 

The DGS insurance protects 100,000 per person per institution.


----------



## Lightning (25 Mar 2013)

I was correct in saying "per institution per person". The legislation says "per institution". 

However, I did not realise that AIB and EBS are classified as being two different institution's despite being part of the same group.

Thanks for the clarification.


----------



## Lightning (27 Mar 2013)

PTSB have completed [broken link removed] in government guaranteed funding today, one day before the end of the government guarantee.


----------



## crabbybear (27 Mar 2013)

Are savings over 100k in post office savings bonds \ certs  guaranteed by the state ? or should you limit the amount in these?


----------



## Lightning (27 Mar 2013)

crabbybear said:


> Are savings over 100k in post office savings bonds \ certs  guaranteed by the state ? or should you limit the amount in these?



The state guarantees 100% of all investments in State Savings products. 

The risk equates to the credit risk of the state.


----------

