Information Leaflet – A Deposit Guarantee Scheme Reimburses a Limited Amount to Compensate Account Holders Whose Bank in Ireland Has Failed
Deposit Guarantee Scheme Ireland: Among other things, the Central Bank of Ireland aims to protect the best interest of consumers of financial services. One of the strategies to achieve this objective is the use of a sophisticated deposit guarantee scheme. The scheme is administered by the Central Bank of Ireland and funded by the credit institutions covered by the scheme.
The scheme exclusively applies to eligible bank depositors of credit institutions such as banks, building societies and credit unions that are authorized by the Central Bank of Ireland. The scheme covers current accounts, deposit accounts and shared accounts held at scheme members that are unable to repay deposits to these creditors.
Secured Deposit Limit: Up to €100,000 per person per institution
Additional Insured Coverage: The maximum amount of compensation payable by the DGS is €100,000 per person per credit institution. In addition certain deposits, known as temporary high balances may qualify for compensation in excess of €100,000. Qualifying deposits are protected up to a limit of €1 million (although unlimited cover is provided for claims relating to personal injury) for a period of 6 months after the deposits have been credited to an account or from the moment when such deposits become legally transferable.
Claim Filing Procedure: The DGS is activated where it has been determined that a credit institution is unable to repay its deposits. Compensation payments for eligible deposits up to €100,000 are automatically sent to depositors. Depositors do not need to make a claim in order to receive DGS compensation.
Repayment Timeframe: The Deposit Guarantee Scheme (DGS) aims to pay depositors as quickly as possible and is required to pay verified eligible depositors within ten working days.
Repayment Conditions: The DGS is activated where it has been determined that a credit institution is unable to repay its deposits. Compensation payments for eligible deposits up to €100,000 are automatically sent to depositors. Depositors will not need to go anywhere or contact anyone to claim their money back. Payments are based on information provided to the scheme by the liquidator. Payments are made by cheque and sent to the last address held by the credit institution.
DGS Claim Rejections: Even though no official claim must be submitted by the creditor to the Irish DGS, inconsistencies and confusion may arise over the legitimacy of a DGS claim or a temporarily high account balance. The official liquidator of the credit institution and the DGS are the first points of contact. Creditors may also take their DGS claim rejection to the court for independent review.
Scheme Architecture: The Deposit Guarantee Scheme of Ireland is paid for by its members. These members are authorized banks, building societies and credit unions that operate in Ireland. Payments are made in the form of annual contributions and risk-based premiums. The fund reserves are currently around € 560 million.
Need Help To Submit Your DGS Claim or to Substantiate a Rejected DGS Claim? Contact us Today…
- Visit: www.depositguaranteeclaim.com/free-case-evaluation
- Call: 00357 25 057 544 or 001 646 513 2855
- Email: [email protected]
- Complete the contact form below: