Snippet data - viewing only, no editing possible


Label

Field name

Field value


Sitting_Date

05/22/2013 12:00:00 AM


Sitting_Forum


Snippet Ref No

SnippetRefNo

WRG01600

Selected Quill

SnippetType

7

Saved Quill

SnippetType_C4D


Selected Quill

SnippetType_1

7

Speaker Name

IndxSpeakerName


Business Category

IndxMainHeadCat

Questions

Sub Category

IndxSubTopic

Written Answers

Topic

IndxQHeadTopic

Bank Guarantee Scheme

See Also

SeeAlso


Part1

TitlePart1


Part2

TitlePart2


Part3

TitlePart3


Volume

VolumeNo

804

Book No

BookNo

2

Pdf Ref

PdfPageRef

613

Default Business Index

IndexViewCategoryDefault

Questions\Written Answers\Bank Guarantee Scheme

3 Part Title Business Index

IndexViewCategoryTitle


Default Topic Index

IndexViewCategoryDefaultSpeaker

Bank Guarantee Scheme

3 Part Topic Index

IndexViewCategoryTitleSpeaker


Motion Code

MotionCode


Motion Title

MotionTitle


Stage

MotionStage


Amendment No

MotionAmendmentNo


Bill Code

BillCode


Bill Title

BillTitle


Stage

BillStage


Section

BillSection


Statement Code

StatementCode


Statement Title

StatementTitle


Stage

StatementStage


Hour Indicator

HourIndicator

Not applicable

Procedural Instruction

Procedural_Instruction

No

Debate Adjourned

DebateAdjourned

No

Question Askee

QAskee


Question Asker

QAsker


Question Department

QDept


Question ID

QID


Question Reference

QRef


Question Speaker PID

QSpeakerPID


Question Speaker PID To

QSpeakerPIDTo


Questions Asked

QUESTIONSASKED


Speaker Type

SpeakerType

2

Speaker Name

Senator


Deputy


Minister

Minister for Finance (Deputy Michael Noonan)

Witness


Chairman


ViceChairman


ActingChairmanD


ActingChairmanS


Speaker4Display

Speaker4Display

Minister for Finance (Deputy Michael Noonan)

Speaker

Speaker


SpeakerPID

SpeakerPID

MichaelNoonan

SpeakerText

SpeakerText

Michael Noonan

OriginalUnidSnippet

OriginalUnidSnippet

5999A85D7CF2AC9B80257B740030730E

LastModifiedSnippet

LastModifiedSnippet

04/29/2020 09:43:29 AM

TopicIndex1stCategoryValues

TopicIndex1stCategoryValues

Snippet Contents:

I presume the Deputy when referring to the bank guarantee scheme means the Eligible Liabilities Guarantee Scheme 2009 (ELG Scheme) as amended. Those assets of an approved retirement fund which qualify as eligible liabilities under the ELG Scheme, including cash deposits, are covered by the Scheme. The Deputy will be aware that I announced on 26 February, 2013, the ending of the ELG Scheme for all new deposits and debt liabilities from midnight on 28 March, 2013. Eligible liabilities currently covered under the Scheme are fully described in paragraph 11 of the Schedule to the Scheme and may be briefly listed as:
- Deposits – (to the extent not covered by deposit protection schemes in the State or any other jurisdiction);
- senior unsecured certificates of deposit;
- senior unsecured commercial paper;
- other senior unsecured bonds and notes; and
- other forms of senior debt specified by the Minister in accordance with EU State Aid rules.
For liabilities to be eligible to be guaranteed, they must meet the criteria set out in paragraph 12 of the Schedule to the Scheme. Namely, they must not have a maturity of more than 5 years and they must be incurred in the issuance period, which runs from the date Participating Institutions in the Scheme received approval to join it to its recently approved end-date of midnight on 28 March, 2013. Additionally, in the case of deposits, they must not contain an event of default and must be denominated in a single, specified currency. The eligibility guarantee can be applied to standalone debt securities or to securities issued under programmes, as per paragraph 15 of the Schedule.
The Deposit Guarantee Scheme Regulations i.e. European Communities (Deposit Guarantee Schemes) Regulations 1995 (S.I. No. 168 of 1995) as amended by the European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009, currently explicitly specify which deposits are excluded from coverage. Those deposits not specifically excluded are covered by the Deposit Guarantee Scheme. Deposits held by pension funds and retirement funds fall within the category of excluded deposits, though small self-administered pension schemes (SSAPs) are included.
The decision to include SSAPs and exclude ARFs, AMRFs and other pension funds/instruments was based on the fact that SSAPs are usually small schemes administered by the member(s) of the scheme whilst ARFs are managed by a qualified fund manager through a credit or investment institution.
Section 16(1)(n) of the European Communities (Deposit Guarantee Schemes) Regulations 1995 (S.I. No. 168 of 1995) as amended by the European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009 specifies that pension schemes or retirement funds (other than a small self-administered pension schemes) are not covered by the DGS.
Certain personal pension products such as ARFs, AMRFs and PRSAs fall within the types of funds covered by the Investor Compensation Scheme and therefore, investors in these funds may be eligible for compensation if a covered investment firm goes out of business. The limit for claims under this scheme is 90% of the amount lost on the investment up to a maximum of €20,000. The Investor Compensation Company Limited (ICCL) issues compensation to eligible investors who can claim by contacting the ICCL directly.