Information Leaflet – A Deposit Guarantee Scheme Reimburses a Limited Amount to Compensate Account Holders Whose Bank in Greece Has Failed
Deposit Guarantee Scheme Greece: The Hellenic Deposit and Investment Guarantee Fund (TEKE) operates the deposit insurance and investor compensation schemes in Greece. Its purpose is to finance resolution measures in distressed credit institutions and to pay compensation to depositors and investors when deposits or investments become unavailable.
Secured Deposit Limit: 100.000 Euro per depositor per bank.
Additional Insured Coverage: Extra coverage of 300.000 Euro is available for specific deposits. The coverage of these deposits lasts for six (6) months from the date of credit of the amount and it is noted that the amount must be credited to a deposit account within one (1) month from the date of the respective activity.
Claim Filing Procedure: TEKE closely cooperates with its member institutions. Upon the failure of one of these members, customer data is shared by the member with the TEKE administration. An agent bank is simultaneously appointed to assist with the legal, administrative and financial procedures for repayment to eligible creditors. TEKE informs the public via the media, its own website and other available outlets about the exact claim filing procedure. Creditors must confirm their identity and provide the agent bank with a proof of claim and a payment instruction to effectuate reimbursement of the insured account balance.
Claim Submission and Repayment Timeframes: Within 7 business days of the announcement by the Hellenic Deposit and Investment Guarantee Fund that the Bank of Greece or a applicable judicial authority determines a member institution is failing or likely to fail, TEKE makes available insured deposits for reimbursement. The claims of depositors to the Hellenic Deposit and Investment Guarantee Fund for compensation are subject to a limitation or prescription period of five years following the end of the respective deadlines for reimbursement.
Repayment Conditions: Coverage by the Hellenic Deposit and Investment Guarantee Fund includes all Greek banks, foreign branches of Greek banks and domestic branches of banks incorporated outside the EU. The fund covers bank deposits held by natural or legal persons and compensation is paid to eligible creditors in Euro currency to a bank account held in the name of the creditor.
DGS Claim Rejections: Claims to the TEKE fund that are ineligible or which eligibility cannot be determined are rejected. Creditors can file supporting evidence for reinspection with the TEKE administration and take their case to the court upon perpetual rejection.
Additional Recovery: For any part of the deposit in excess of 100,000 euro that do not constitute Temporary High Balances (THBs) and for deposits excluded from TEKE coverage, depositors may pursue their claims through the liquidator of the bank and claim such amounts from the proceeds of liquidation. TEKE is not involved in the liquidation process.
Scheme Architecture: The Hellenic Deposit and Investment Guarantee Fund (TEKE) currently holds about 1.6 Billion Euro in reserves. These reserves are paid for by the scheme members in the form of annual contributions and risk based premiums.
Need Help To Submit Your DGS Claim or to Substantiate a Rejected DGS Claim? Contact us Today…
- Visit: www.depositguaranteeclaim.com/free-case-evaluation
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