Like Ireland, U.K. banks rely heavily on now-frozen money markets for funding, and deteriorating house prices also put strains on the lenders’ capital. In the wake of the run on Northern Rock last year, the U.K. government already has increased the protection it provides on deposits to 35,000 pounds, or about $63,000. That threshold is expected to be raised to 50,000 pounds shortly.
The banks have stressed the use of the scheme because that will eventually also lead to more credit for companies,” Dutch Finance Minister Wouter Bos said on Dutch television. Cooperatively-owned Rabobank reiterated earlier today it would not need guarantees but it was willing to help implement the scheme, and Bos indicated on Friday that Rabobank would help.
Irish Bank Guarantee 2009 is debating in the absence of a great deal of important information that we need. I believe, just as I did when we were discussing the guarantee to the banks that we are debating in vacuum, without access to the real facts and on the basis of assurances provided to us by the Government last September, which now ring hollow. The Minister spoke earlier about being at the Galway races among people with an interest in horses.
The Irish government has enacted a revision of its bank guarantee scheme (the “ Original Guarantee Scheme”) which was put in place in October 2008. The Original Guarantee Scheme provided a State guarantee for deposits and a broad range of debt securities to 29 September 2010. The revised guarantee scheme (the “ Amended Guarantee Scheme”) extends the maturity of instruments covered by the State guarantee from two years to five years.
The Irish Bank Guarantee Extension Scheme allows the participating institutions (“Participating Institutions”) to issue debt securities and take deposits with a maturity date post 29 September 2010 on either a guaranteed or an unguaranteed basis.
The Amended Guarantee Scheme is designed to further bolster access to liquidity for participating institutions.
The Amended Guarantee Scheme allows the participating institutions (“Participating Institutions”) to issue debt securities and take deposits with a maturity date post 29 September 2010 on either a guaranteed or an unguaranteed basis. Dated subordinated debt (Lower Tier 2) and asset covered securities (including other forms of covered bonds) issued on or after 9 December 2009, the commencement date of the Amended Guarantee Scheme, will not be guaranteed by the Amended Guarantee Scheme however such subordinated debt and asset covered securities (including other forms of covered bonds) already guaranteed under the Original Guarantee Scheme will remain guaranteed until 29 September 2010 in accordance with the terms of that scheme.
The Irish Government Bank Guarantee 2009 of Ireland Group does not accept any responsibility or liability for enabling you to link to another website, for the contents of any other website or for any consequences of acting upon the contents of another website. Neither does the Bank of Ireland Group take responsibility for the accuracy of the information on another website and the fact that access to such site is provided does not constitute our endorsement, authorisation or sponsorship of such site.
The Irish Government’s Finance Minister Brian Lenihan has said the bank guarantee scheme introduced last week will be extended to some non-Irish banks with a presence in the Republic of Ireland. The decision in effect means that the Government has decided that the Irish taxpayer will now provide a guarantee for €400bn of liabilities. But there will be terms and conditions.
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