Is the guarantee really in place yet ?

What happens if one of the Banks goes to the wall before they get to sign up for the Guarantee. My understanding is that although it is passed by all stages of government it is not yet in place as the fees, charges, T&C etc have not been finalised for the banks to sign up.

It was backdated until 29th September, so once it passes, everything will be “fine”

But it will pass, yes?

I thought it was already passed but with ambiguity over the fees etc?