Deposits -New Government Protection Scheme

Some concern expressed on another thread that the planned protection scheme which comes into force after Sept 2010 will NOT cover all deposits! It seems that only 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.
This effectively will exclude existing fixed term deposits that mature from Oct 2010 onwards.
Can this be correct?

Merti said:

Some concern expressed on another thread that the planned protection scheme which comes into force after Sept 2010 will NOT cover all deposits!

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True except the new 2009 guarantee is already in force according to the NTMA and Financial Regulators websites.

Merti said:

It seems that only 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.
This effectively will exclude existing fixed term deposits that mature from Oct 2010 onwards.
Can this be correct?

Click to expand...

That is pretty much correct.

Example: You have 150,000.00 EUR on deposit with PTSB in a term deposit with trade/opening date December 1st 2008 and maturity date December 1st 2010. Currently, the full 150,000.00 EUR is protected under the 2008 guarantee. From September 30th 2009 to December 1st 2010, only the first 100,000 EUR is protected.