Banks pay €226m in fees for guarantee scheme

THE bank guarantee scheme has cost taxpayers hundreds of millions of euro so far despite the Central Bank receiving e226 million in fees from the financial institutions.

The guarantee is six months in operation tomorrow and despite persistent cash problems the covered institutions have fulfilled their obligations to pay for the privilege.

The Department of Finance confirmed Central Bank has received e225,709,643.86 for the first two quarters and another payment is due next month. This is sitting in an account at the Central Bank.