Not sure what the Deposit Guarantee Scheme involves, or how it affects you? Not to worry – we’ve outlined all you need to know below.
What is the Deposit Guarantee Scheme?
The Deposit Guarantee Scheme protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits.
Deposits up to €100,000 per person per institution are protected under the scheme. The Deposit Guarantee Scheme is obliged to issue compensation to depositors duly verified as an eligible depositor within 20 working days of the credit institution failing.
The Deposit Guarantee Scheme is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme.
The following document outlines the basic details of the protection of eligible deposits in EBS:
What types of deposits are protected under the Deposit Guarantee Scheme?
A deposit means a credit balance on an account with a bank, building society or credit union that the credit institution must repay under the legal and contractual conditions applicable. The following is a list of deposit types that may be considered eligible for DGS:
What types of customers are protected under the Deposit Guarantee Scheme?
In general the DGS protects deposits belonging to individuals, companies, partnerships, clubs, associations, schools etc. The DGS covers deposits in branches of credit institutions authorised in Ireland. The residency of the depositor is not a factor in determining the eligibility of the deposit. You do not have to be resident in Ireland or be an Irish citizen to be eligible for DGS compensation.
The deposits of the following are protected:
1 – Companies are covered as long as they are not a company that is on the exclusion list below.
What types of customers are not protected under the Deposit Guarantee Scheme?
Deposits placed by the following type of entities are not covered under the scheme:
For additional information on the Deposit Guarantee Scheme please refer to www.depositguarantee.ie