Information Leaflet – A Deposit Guarantee Scheme Reimburses a Limited Amount to Compensate Account Holders Whose Bank in Iceland Has Failed
Deposit Guarantee Scheme Iceland: Tryggingarsjodur (TIF) is the Icelandic deposit and investor guarantee fund. It is a private foundation that operates pursuant to Act No. 98/1999. The objective of the Act is to provide a minimum level of protection to depositors in commercial banks and savings banks, and to customers of companies engaged in securities trading, in the event a given financial institution has difficulties meeting financial obligations to its customers. It also aims to finance resolution proceedings in accordance with Act 70/2020 on Recovery and Resolution of Credit Institutions and Investment Firms.
Secured Deposit Limit: Deposit insurance in Iceland follows the EU models for bank recovery and resolution and deposit guarantee schemes. A uniform level of maximum protection is set at 100.000 euro per depositor per bank.
Scheme Architecture: To support confidence in the domestic financial system and provide protection of depositors commercial banks, savings banks, securities services companies and other legal entities that trade in securities and operate in Iceland must participate in the Icelandic deposit and investor guarantee fund. Fund members make financial contributions in the form of general and risk-weighted premiums to the scheme to ensure swift repayment of insured depositors to eligible account holders.
Disclaimer: In the aftermath of the collapse of the Icelandic banking system and spillover to foreign retail depositors, the supranational EFTA court ruled that the Icelandic government was not responsible for the liabilities of the deposit and investor guarantee fund.
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