The FBD Blog – investments, insurance, pensions, savings in Ireland

When being instructed on putting Blogs together, our mentor highlighted the need to keep the information in plain English. Sometimes it’s difficult – this is one of those times but it’s important so I will persevere and hope you will too.

The State guaranteed the deposits of the main Irish Banks with no limit up until September 2010. Many people have asked “what then?” Well, now we know!

First, it is important to highlight the Deposit Protection Scheme which covers up to €100,000 per Account per Institution. There is no expiry date on this Scheme.

Therefore, the question of what happens after September really concerns you if you have over €100,000 on deposit.

So, to be clear, the first €100,000 is covered under the Deposit Protection Scheme for most (but not all) Banks operating in Ireland.

Amounts in excess of €100,000 may be covered beyond September 2010 for up to 5 additional years provided:

• The Bank has “signed up” to the Eligible Liabilities Scheme. For example, Bank of Ireland has signed up; Ulster bank has not.

• You open an account after the date the Bank signed up. This could be a new account or the renewal of a term on the deposit.

• This account is opened prior to 30^th September 2010.

• The account has a maturity date prior to September 2015.

To be covered your account should satisfy all of the above criteria. But, do not rely on this Blog for your information – click here for information on the Department of Finance website for a fuller explanation.

You can decide which is in the plainer English! If we can be of any help, please mail us on info@fbdfinancialsolutions.ie and put Attention Ian Cooke in subject line.

-Ian Cooke