Summary of Deposit Guarantees in Ireland
September 1, 2011
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Posted by Money Guide
We understand the following protection is in place with the following institutions: This is the latest information on the level of guarantee or protection for money held in Irish financial institutions or those operating in Ireland.
Updated in September 2011
Post Office Savings Bank; . Irish Government guarantees all deposits with no end date
Under the Deposit Guarantee Scheme – amounts of up to €100,000 are guaranteed in the following institutions (no end date on this)
Allied Irish Banks plc (AIB)
Anglo Irish Bank
Irish Life & Permanent plc (PTSB)
Bank of Ireland
EBS Building Society
Irish Nationwide Building Society
ICS Building Society
ACC Bank
Bank of Scotland (Ireland) t/a Halifax
Credit Unions
First Active
KBC (IIB) Bank
Pfizer International
Postbank
Ulster Bank
Amounts over €100,000 are covered until the end of 2011 under the Eligible Liabilities Guarantee (ELG) in the following six institutions :-
Allied Irish Banks plc (AIB)
Anglo Irish Bank
Irish Life & Permanent plc (PTSB)
Bank of Ireland
EBS Building Society
Irish Nationwide Building Society
ICS Building Society
Note - the ELG also covers fixed term deposit accounts to the end of the term (max five years) as long as the deposit was made before the end of 2011 and after the date the institution joined the ELG scheme (most joined in Jan 2010)
Credit institutions covered by other schemes
Danske t/a National Irish Bank The Danish scheme covers up to Kr300,000 or approx. €40,000. The balance up to €100,000 is covered by the Irish Deposit Guarantee Scheme
Rabobank The Dutch Central Bank Dutch Deposit Guarantee Scheme; 100% of the first €100,000 per person..
Investec Bank (UK) Ltd The UK FSA Financial Services Compensation Scheme;100% of the equivalent of €100,000 per person.
Leeds Building Society The UK FSA Financial Services Compensation Scheme;100% of the equivalent of €100,00 per person.
Northern Rock the equivalent of €100,00 per person. is protected under the UK Financial Services Compensation Scheme .
Nationwide (UK) Ireland
The UK FSA Financial Services Compensation Scheme;100% of the equivalent of €100,00 per person.
Categories: AIB, Allied Irish Bank, Anglo Irish Bank, Bank of Ireland, Credit Unions, Deposit Accounts, EBS, Halifax, Irish Nationwide, Leeds Building Society, NIB, Northern Rock, PTSB, Ulster bank
The Investec ‘Terms of Business’ indicates the following for Investec Ireland:
“Where an entitlement to compensation is established under the Investor Compensation Scheme, the amount of compensation payable to each eligible investor will be limited to 90% of the amount lost, as determined by the administrator of the Investor Compensation Scheme, capped at €20,000.”
Your web site indicates
“The UK FSA Financial Services Compensation Scheme;100% of the first £50,000 per person.”
Can you clarify which is correct for depositors in Investec Ireland? Thanks.
Roger – The “Investor Compensation Scheme ” is a separate private scheme to provide adequate funds out of which eligible investors of failed investment firms are compensated.
The scheme is not for cash deposit accounts – but is in place to cover other types of of investment instruments, when sold by investment firms. These instruments include:
* public and private company shares;
* units in collective investment schemes;
* life insurance policies (including unit-linked funds);
* non-life insurance policies;
* tracker bonds; and
* futures and options.
Cash deposits with Investec are covered by the The UK FSA Financial Services Compensation Scheme;100% of the first £50,000 per person
Hi, I understand ICS is part of the Bank of Ireland Group. Are Bank of Ireland and ICS treated as 2 separate entities for the purpose of the Deposit Protection Scheme? So if you have more than 100k on notice can you split it between the two and still be covered? BofI are telling me this is the case but would like confirmation. Thanks