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Guarantee will expire in 8 weeks time

  • 09-05-2011 5:08am
    #1
    motherriley
    Closed Accounts Posts: 128 ✭✭


    Doese anyone know what ill happen when the gruarantee for deposit expires in 8 weeks time. Will it be renewed by the government or will depositors have to take their chances:o


Comments

  • #2
    Laminations
    Registered Users, Registered Users 2 Posts: 4,693 ✭✭✭Laminations


    I wish I had enough money in a bank to care about the answer :)

    I'd imagine they'd be silly to announce anything in advance as it could cause a flight of deposits and a bank run


  • #3
    Scofflaw
    Registered Users, Registered Users 2 Posts: 23,283 ✭✭✭✭Scofflaw


    The answer is that it doesn't. The €100k deposit guarantee scheme has no expiry date.

    What you're referring to is the Eligible Liabilities Guarantee, which covers debt specified in writing by the Minister, and which does not cover deposits. It can cover Certificates of Deposit, but that's a slightly different thing.

    cordially,
    Scofflaw


  • #4
    Tora Bora
    Closed Accounts Posts: 1,258 ✭✭✭Tora Bora


    Scofflaw wrote: »
    The answer is that it doesn't. The €100k deposit guarantee scheme has no expiry date.

    What you're referring to is the Eligible Liabilities Guarantee, which covers debt specified in writing by the Minister, and which does not cover deposits. It can cover Certificates of Deposit, but that's a slightly different thing.

    cordially,
    Scofflaw


    The REAL answer, is ................. what fcuking guaarantee???????
    A guarantee of deposits underwritten by a bankrupt exchequer, is worth ZIP, in the first place if push were to come to shove:(


  • #5
    Scofflaw
    Registered Users, Registered Users 2 Posts: 23,283 ✭✭✭✭Scofflaw


    Tora Bora wrote: »
    The REAL answer, is ................. what fcuking guaarantee???????
    A guarantee of deposits underwritten by a bankrupt exchequer, is worth ZIP, in the first place if push were to come to shove:(

    Maybe, but that's a somewhat different question, and strictly speaking more suited to "Personal Finances" than Politics. I'm just clarifying that the Deposit Guarantee Scheme, for whatever it's worth, definitely isn't expiring in 8 weeks.

    cordially,
    Scofflaw


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