7 February 2013
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The Minister for Finance has appointed Kieran Wallace and Eamonn Richardson of KPMG as Special Liquidators to IBRC Limited. As a result, the Deposit Guarantee Scheme (DGS) has been activated to protect deposits of eligible IBRC customers. The DGS is administered by the Central Bank and guarantees eligible deposits up to €100,000 per person in any bank, building society or credit union.
The DGS is working with IBRC Limited and the Special Liquidators to get the information it needs to compensate depositors quickly. The DGS is obliged to issue compensation to duly verified eligible depositors within 20 working days of a credit institution going into liquidation. It is expected that payments will be dispatched to most eligible depositors by 7 March 2013.
Depositors are advised that they do not need to make any application to the DGS for repayment of their deposit as payment will be made automatically to them. It is expected that most eligible account holders will receive compensation cheques by post from the DGS.
For answers to frequently asked questions in respect of the DGS please click here.
IBRC customers can contact the IBRC helpline at 1800 303 632 for further information.
Regular updates on DGS progress will be available from this website.
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