The bill for Australia's version of deposit insurance still has not made it into parliament. In some other jurisdictions, the insurance scheme is giving way to an outright guarantee. Ireland's government on Tuesday opted to follow its own path in a bid to avoid the gales from financial contagion. Most bank deposits in Ireland, as of yesterday, were covered by a deposit insurance scheme, but with a cap of €100,000.The guarantee covers all current deposits and all created over the next year, over six banks: Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society. Foreign-owned banks, such as HBOS, are not included, though existing deposit insurance arrangements remain in place.But most wholesale debts are covered for the six Irish banks, including covered bonds, senior debt and dated subordinated debt.