IBRC depositors to be repaid

The Central Bank has said it will arrange the repayment of deposits, up to a limit of €100,000 per person, to eligible depositors…

The Central Bank has said it will arrange the repayment of deposits to eligible depositors at IBRC.

Thu Feb 07 2013 - 00:00

The Central Bank has said it will arrange the repayment of deposits, up to a limit of €100,000 per person, to eligible depositors at IBRC.

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.

"It is expected that all such eligible deposits under the DGS will be repaid over the coming weeks," the bank said in a statement this morning.

When the legislation passed, joint special liquidators were appointed to IBRC - formerly Anglo Irish Bank - with immediate effect to wind up its business and operations.

Deposit amounts of more than €100,000 are covered by the Eligible Liabilities Guarantee, administered by the NTMA.

Last night, Minister for Finance Michael Noonan has said the ministerial guarantee underpinning the net debt owed to the Central Bank would be transferred to Nama and that eligible depositors, bondholders and counterparties would be repaid.