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two developments at work: Govt ending bank guarantee program; Subordinate bond losers will legally challenge banks for compensation for their loses.
Here is the article for the first news:
Government to end bank guarantee on 28th March
12:55, 26 February 2013 by Post Reporter

Finance minister Michael Noonan.
The Minister for Finance Michael Noonan has announced that the Bank Guarantee will end for all new liabilities from midnight on the 28th March 2013.
The announcement came following a decision by the Cabinet earlier today. Noonan commented to reporters that the removal of the guarantee will not lead to a capital flight from Irish banks.
Read the government's full statement here.
After 28th March, no new liabilities will be guaranteed under the Eligible Liabilities Guarantee Scheme (ELG) Scheme, as it is known. The ending of the ELG for new liabilities after the 28th of March 2013 marks a significant step in the normalization of Ireland’s banking system, said a statement from the Department of Finance.
The statement stressed that today’s announcement does not impact the vast majority of bank customers as their deposits are covered by the Deposit Guarantee Scheme or DGS – a separate guarantee which has been in operation in Ireland since 1995 and is part of an EU-wide arrangement for deposit protection.
“The Irish banking system failed the Irish people and the mismanagement of the banks and the crisis has cost the Irish taxpayer €62 billion,” finance minister Michael Noonan said. “All of the Government actions since taking office in March 2011, both at home and abroad, are designed to repair this damage and break the negative link between the banks and the State. We are making significant progress in this regard and the ending of the Guarantee for new liabilities marks another step forward.”
In a statement, AIB welcomed the decision which it said further demonstrates the ongoing improvement in the stability of the financial system in Ireland. The bank said that its funding position has continued to improve due to customer deposit flows, progress in deleveraging, together with successful returns to the funding markets both in 2012 and January 2013.
“The ELGS was introduced as a measure to stabilise the financial system at a time of unprecedented market turbulence, which is no longer evident," said AIB chief executive David Duffy. "We welcome the announcement today and expect that this move will have a positive impact on the operating performance of AIB over time as the bank returns to long term sustainability.”
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