Government May Extend Deposit Guarantee

The 100% Irish state guarantee for deposits expires in about 10 weeks time. The [broken link removed]that the government is considering extending the guarantee on deposits beyond December 31st 2010.

If they have any sense, the government will hurry up about it. There was a clear exodus of deposits in Irish banks in September 2010, one of the many reasons was the delay in the government extending the guarantee.

However, there really seems to be a push from the EC to harmonise deposit protection at no more than 100,000 EUR per person per EU bank from January 1st 2011. The government may find getting EC approval, from an extension of the deposit guarantee, more difficult this time.

The EU would be foolish to say no to the government extension. They do want money back from us dont they?

CiaranT said:

The 100% Irish state guarantee for deposits expires in about 10 weeks time. The [broken link removed]that the government is considering extending the guarantee on deposits beyond December 31st 2010.

If they have any sense, the government will hurry up about it. There was a clear exodus of deposits in Irish banks in September 2010, one of the many reasons was the delay in the government extending the guarantee.

However, there really seems to be a push from the EC to harmonise deposit protection at no more than 100,000 EUR per person per EU bank from January 1st 2011. The government may find getting EC approval, from an extension of the deposit guarantee, more difficult this time.

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Isn't joe soap's deposits covered by the Deposit guarantee scheme and this article seems to be talking about the Banking Guarantee scheme

The banking guarantee scheme includes the 100% deposit guarantee. They are one and the same.

No they are not.

Deposit Protection covers up to € 100,000 in a bank/building society, etc without a time limit to individuals.

Banking Guarantee offers unlimited cover to all (more or less) but runs out on 31st Dec 2010

What I meant is that the Banking Guarantee includes a guarantee on all deposits.

Yes, there is the separate Irish Deposit Protection Scheme which guarantee's the first 100,000 EUR per person per bank.