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Deposit Guarantee Scheme
Equal protection across the entire EU
“These new rules will benefit all EU citizens: not only will their savings be better protected, but they will also have the option to choose the best savings products available in any EU country without having to worry about any differences in the level of protection.”
Michel Barnier, European Commissioner for Internal Market and Services
Deposit protection is a fundamental pillar for the stability of financial markets. Many of us work all our lives to be able to accumulate some savings to support our future needs, for which we are dependent on financial institutions’ abilities to keep these funds safe .
Acknowledging this, the EU has adopted a legal commitment to the protection of depositors throughout the entire EU. The legal framework for this commitment is provided by EU Directives 2009/14/EC and 2014/49/EU, which all member states must implement. Under this protection scheme, deposits must be protected up to €100,000 per depositor and bank.
This page provides you with more information about deposit protection and the respective national deposit guarantee schemes in different EU countries.
- Equal protection across the entire EU – All EU banks participate in their respective national deposit guarantee schemes. The EU has agreed that all of these deposit guarantee schemes must offer equal protection.
- €100,000 per depositor and bank – In the EU, your bank balance – including accrued but not yet paid interest – is always protected up to €100,000 per depositor and bank. In non-euro countries (e.g. Norway or Sweden), this protection limit is the equivalent amount to €100,000 in the local currency of that country. In such cases, your money will also be reimbursed in the local currency.
- Refund in 10 business days – As of January 1, 2021, Deposit Guarantee Funds have a maximum of 10 business days to refund deposits. This period will be reduced to 7 business days from January 2024.
- For everyone – Protection applies to all account holders, regardless of whether or not they reside in the country of the bank concerned. Therefore, Irish savers are protected equally irrespective of whether the failed bank is located in Ireland or in another EU country.
- €0 lost – Since the introduction of the EU deposit guarantee scheme in 1994, depositors have not suffered any losses within the protection limit of €100,000.
What is the Deposit Guarantee Scheme?
The Deposit Guarantee Scheme (DGS) is a fund whose purpose is to guarantee the deposits made with a credit institution up to a certain protection limit in the case of its insolvency. This includes deposits made in savings accounts, current accounts, fixed-term deposits and securities (shares or bonds).
As a result, if a bank were to become insolvent and deposits were no longer sufficiently covered by its assets, savers would receive their money in full through the statutory deposit guarantee scheme up to the predefined protection limit. In the EU, this protection limit is set at €100,000 (or an equivalent amount in the respective local currency) per depositor and bank. In this way, savers can trust that their money is protected. Each EU country has its own statutory deposit guarantee scheme that meets this coverage condition.
What amount is guaranteed by the DGS?
In the EU, deposits made in savings accounts, current accounts, fixed-term deposits and securities (shares or bonds) – including accrued but not yet paid interest – are always protected up to €100,000 per depositor and bank. In non-euro countries (e.g. Norway or Sweden), this protection limit is the equivalent amount to €100,000 in the local currency of that country. In such cases, your money will also be repaid in the local currency.
How long will it take to get my money back if a bank fails?
Article 8(1) of Directive 2014/49/EU states that, as of 1 January 2024, the maximum legal time allowed for reimbursement – the period between the determination by a competent administrative authority that a case is eligible for compensation by the DGS and the time when the funds are reimbursed – will be 7 business days. Until 31 December 2023, DGS’ have a maximum of 10 business days to refund deposits, though many countries already use the reduced deadline of seven business days. According to this article, further deadlines may be introduced during the transitional phase until 2024.
Am I also covered by the Deposit Guarantee Scheme if I save abroad?
Yes. Within the EU, all depositors are covered equally by the respective national deposit guarantee scheme of the country where the bank is located, regardless of their nationality or country of residence. Your money therefore enjoys the same protection throughout the entire EU.
History of the Deposit Guarantee Scheme in the EU
The European Community first decided to introduce a minimum harmonisation of member states’ deposit guarantee schemes in 1994. However, according to Directive 2009/14/EC, the financial crisis of 2008 made it necessary for the EU to provide even better coverage.
As a result, the maximum amount covered was increased to €100,000 per depositor and bank from 2010. Additionally, the repayment period was reduced to a maximum of 20 business days.
A few years later, in 2014, Directive 2014/49/EU further tightened and harmonised the criteria for Deposit Guarantee Schemes.
- The deadline for repayment is to be gradually reduced from 20 to 7 business days by 2024.
- The funding of national deposit guarantee schemes in the EU is to be harmonised. Specifically, DGSs must have established and maintain a reserve of at least 0.8% of protected deposits by 2024 at the latest.
Many of the countries in which our partner banks are located already meet these stricter requirements.
Details of the various national Deposit Guarantee Schemes applicable to our partner banks
Official title:
Einlagensicherung Austria GmbH
Website:
https://einlagensicherung.at/
Address:
Wipplingerstr. 34/4/DG4, 1010 Vienna, Austria
Email:
office@einlagensicherung.at
Telephone:
+43 (1) 533 98 03
Protection ceiling:
€100,000
Reserves held:
€673 million
As of date:
December 31, 2022
Official title:
Garanční systém finančního trhu
Website:
https://www.garancnisystem.cz/en/
Address:
Týn 639/1, 110 00 Prague 1, Czech Republic
Email:
info@gsft.cz
Telephone:
+420 234 767 676
Protection ceiling:
€100,000
Reserves held:
€581 million
As of date:
December 31, 2022
Official title:
Fonds de Garantie des Dépôts et de Résolution (FGDR)
Website:
https://www.garantiedesdepots.fr/en
Address:
65, rue de la Victoire – 75009 Paris – France
Email:
contact@garantiedesdepots.fr
Telephone:
+33 1 58 18 38 08
Protection ceiling:
€100,000
Reserves held:
€6,7 billion
As of date:
December 31, 2022
Official title:
Fondo Interbancario di Tutela dei Depositi (FITD)
Website:
https://www.fitd.it/
Address:
Via del Plebiscito, 102 – 00186 Rome, Italy
Email:
infofitd@fitd.it
Telephone:
+39 06 699861
Protection ceiling:
€ 100,000
Reserves held:
€3,3 billion
As of date:
December 31, 2022
Official title:
Latvijas Noguldījumu garantiju fonds
Website:
https://www.bank.lv/en/operational-areas/customer-protection/operation-of-guarantee-funds
Address:
Financial and Capital Market Commission | Kungu iela 1, Riga 1050, Latvia
Email:
fktk@fktk.lv
Telephone:
+371 6777 4800
Protection ceiling:
€ 100,000
Reserves held:
€176 million
As of date:
December 31, 2022
Official title:
Bankowy Fundusz Gwarancyjny (BFG)
Website:
https://www.bfg.pl/en/
Address:
4 Skorupki Street, 00-546 Warsaw, Poland
Email:
kancelaria@bfg.pl
Telephone:
+22-58-30-700
Protection ceiling:
€100,000
Reserves held:
€4,0 billion
As of date:
December 31, 2022
Official title:
FGD – Fundo de Garantia de Depósitos
Website:
https://www.fgd.pt/en
Address:
Av. da República, 57 – 2º – 1050-189, Lisbon, Portugal
Email:
geral@fgd.pt
Telephone:
+351 21 313 01 99
Protection ceiling:
€100,000
Reserves held:
€1,7 billion
As of date:
December 31, 2022
Official title:
Fond ochrany vkladov
Website:
https://fovsr.sk/?lang=en
Address:
Kapitulská 12, 812 47 Bratislava 1, Slovak republic
Email:
fov@fovsr.sk
Telephone:
(+421 2) 5443 5444
Protection ceiling:
€100,000
Reserves held:
€331 million
As of date:
December 31, 2022
Now that you know that your savings enjoy equal protection across the entire EU, compare the different European banks’ various products we offer!
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