Irish customers of Northern Rock covered for up to £50,000

IRISH customers with Northern Rock are covered for up to nearly €50,000 if the bank goes bust.

The 25,000 Irish clients have average deposits with the bank of about €100,000, making a total of around €2.3 billion. The guarantee Irish customers get is actually more than they would receive if an Irish bank was declared insolvent, where only 90% of amounts up to €20,000 are covered.

Under Britain’s deposit protection scheme, customers get back all of the first £2,000 (€2,800) in an account and 90% of the next £33,000 (€47,000).