Eligible Liabilities Guarantee Scheme

15 December 2009
 
The Department of Finance has published on its website the statutory instruments implementing the Eligible Liabilities Guarantee Scheme (or ELG Scheme) which commenced on 9 December 2009.  The ELG Scheme updates and revises the current bank guarantee scheme which was put in place in September 2008 under the Credit Institutions (Financial Support) Scheme 2008 (or CIFS Scheme).   The ELG Scheme will be subject to ongoing six monthly approval by the European Commission.

All Eligible Institutions (as defined in the Rules of the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009) may apply in writing to the Minister for Finance to become a Participating Institution.   

For links to the ELG Scheme itself, the Rules of the Scheme, two Orders made pursuant to the Scheme and a set of FAQs, please see: www.finance.gov.ie/viewdoc.asp?DocID=5507

If you require any further information, please do not hesitate to contact Sinead Kelly at (01) 649 2945 or skelly@algoodbody.ie or Miriam Kelly at (01) 649 2246 or mskelly@algoodbody.ie, or your usual contact at A&L Goodbody.