Danske Bank Group, the parent company of National Irish Bank (NIB), has announced its participation in a state guarantee provided by the Danish government.
NIB deposit customers will be covered by the new Danish agreement. As part of the agreement, depositors and creditors with unsecured claims are fully covered by the state guarantee regardless of the amount.
As a result, NIB is no longer seeking the opportunity to join the Irish Government's scheme under the Credit Institutions (Financial Support) Act 2008.
Andrew Healy, chief executive of NIB, said; "National Irish Bank customers can now rest easy, as they will be fully covered by the new Danish agreement.
"This move ensures that our customers benefit from a state guarantee that has a similar standing to the recently announced Irish Government guarantee scheme.
"Customers can be reassured that their funds with National Irish Bank are 100% guaranteed under the Danish Government guarantee."