The Department of Finance announced earlier this month that the European Commission had approved the extension of the government bank guarantee until the end of 2011.
The Eligible Liabilities Guarantee (ELG) scheme was introduced in late 2009 and replaced the state’s initial blanket guarantee, introduced in September 2008.
The ELG scheme has to be reviewed and approved by the European Commission every Six months, and has already been extended a number of times.
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