Noonan has announced an end to the ELG scheme to much fanfare and claims that sound not to dissimilar to ‘we have turned a corner’. However, the scheme was due to end in June 2013 so its demise has only be hastened by a few months. Why hasten it?
According to NamaWineLake (I know, I know), Bank of Ireland was not happy at having to pay the charge associated with the ELG and it is implied that this early cancellation will mean the BOI will not have to pay for this year. (http://namawinelake.wordpress.com/2013/02/26/time-to-consider-your-deposits-in-permanent-tsb-as-minister-withdraws-elg-scheme-from-28th-march-2013/)
So it would appear that we have lost money thanks to this little move by the Minister for Finance.