The Irish Deposit Guarantee Scheme (DGS) is operated by the Central Bank of Ireland and it guarantees up to €100,000 per depositor in a bank or credit union.
The DGS has no time limit and it provides a guarantee to private individuals, sole traders, partnerships, small companies and certain types of pension funds with deposits of up to €100,000. Any excess above this level is not covered under the scheme.
A depositor does not have to be resident in Ireland or be an Irish citizen to claim under the scheme as long as the deposits are held in an institution that is part of the scheme.
The Irish Government Eligible Liabilities Guarantee Scheme (ELG) was introduced by Government in order to maintain the stability of the financial system in Ireland. It is reviewed on a six monthly basis to determine whether the financial support provided by the ELG Scheme continues to be necessary. The scheme is managed by the National Treasury Management Agency (NTMA).
It guarantees deposits in excess of €100,000 (the DGS protects deposits up to €100,000) and provides an unconditional and irrevocable State guarantee up to 30th June 2012 which can be extended further to 31st December 2012 with EU State aid approval. Any announcements regarding an extension will be made before 30th June 2012. It covers fixed term deposits for the duration of the ‘fixed term’ provided the deposit commences prior to 30th June 2012 up to a maximum deposit term of 5 years.
There are guarantees provided by other EU Member States covering deposits held by Irish depositors in such banks operating here.
National Irish Bank deposits of up to €100,000 per person are covered by the Irish DGS. The Danish scheme also covers €100,000 per person as a back-up, but only one overall €100,000 per person is covered.
The first €100,000 per person in Rabobank is covered by the Dutch Central Bank Deposit Guarantee Scheme. The UK FSA Financial Services Compensation Scheme covers 100% of the first £85,000 (or Euro equivalent) per person for deposits in British banks and building societies operating here.
The Irish Government guarantees all deposits in An Post without limit.