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C Bank says IBRC depositors protected

Thursday, February 07 10:12:10

The appointment of a special liquidator to IBRC triggers the Deposit Guarantee Scheme (DGS) and the Eligible Liabilities Guarantee for the remaining depositors at IBRC, the Central Bank said this morning.

The comment comes after the Government last night rushed through legislation winding up the former Anglo Irish and Irish Nationwide banks, disolving the board, appointing an examiner and transferring assets and liabilities to NAMA.

"The Central Bank will arrange the repayment of duly verified and eligible deposits, up to a limit of E100,000 per person, to eligible depositors at IBRC," the regulator said.

It said that depositors do not need to take any action; the Central Bank will make payments directly by cheque where applicable.

"It is expected that all such eligible deposits under the DGS will be repaid over the coming weeks."

Deposit amounts of more than E100,000 are covered by the Eligible Liabilities Guarantee, administered by the NTMA.