fice
the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts
the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses
the Oireachtas) Iris Oifigiúil /
ficial Gazette Revised Acts (LRC) Classified List
Legislation (LRC) Translations (acts.ie) Translations (Houses
the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.
other schemes 9. Membership
deposit guarantee scheme Part 4 Deposits 10. Eligibility
deposits 11. Coverage level
deposits Part 5 Repayment 12. Determination
the repayable amount
payments 16. Powers
the designated authority Part 6 Financing
deposit guarantee scheme 17. Establishment
Fund 18. Financing
Fund
contributions to deposit guarantee scheme
funds Part 7 Union cooperation
credit institutions established in third countries Part 9 Depositor information 29. Depositor information 30. List
authorised credit institutions Part 10 Consequential amendments Chapter 1 Acts 31. Amendment
Central Bank Act 1942 32. Amendment
Central Bank and Credit Institutions (Resolution) Act 2011 Chapter 2 Regulations 33. Amendment
European Union (Bank Recovery and Resolution) Regulations 2015 Part 11 Final provisions 34. Transitional provisions 35. Revocations 36. Laying
orders SCHEDULE Depositor Information Form S.I. No. 516
2015 EUROPEAN UNION (DEPOSIT GUARANTEE SCHEMES) REGULATIONS 2015 Notice
the making
this Statutory Instrument was published in “Iris Oifigiúil”
20th November, 2015. I, MICHAEL NOONAN, Minister for Finance, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving full effect to Directive 2014/49/EU
the European Parliament and
the Council
16 April 2014 on deposit guarantee schemes1 , hereby make the following regulations: Part 1 Preliminary and general Citation and commencement 1.
ficially recognised as deposit guarantee schemes in accordance with Regulation 8
ficially recognised as deposit guarantee schemes in accordance with Regulation 8
ficially recognised as deposit guarantee schemes, including schemes that
fer an additional protection to the coverage level laid down in Regulation 11
ficially recognised as deposit guarantee schemes. Interpretation 3.
1971” means the Central Bank Act 1971 (No. 24
1971); “Act
2010” means the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6
2010); “authorised”, in relation to a credit institution, means— (a) in the case
a bank, a bank authorised, or deemed to be authorised, by the European Central Bank on application therefor under section 9
the Act
1971, (b) in the case
a building society, a building society authorised, or deemed to be authorised, by the European Central Bank on application therefor under section 17
the Building Societies Act (No. 17
1989), or (c) in the case
a credit union, a credit union registered within the meaning
the Credit Union Act 1997 (No. 15
1997) or deemed to be so registered by virtue
section 5
that Act; “available financial means” means cash, deposits and low-risk assets which can be liquidated within a period not exceeding that referred to in Regulation 13
Ireland; “Bank Recovery and Resolution Regulations” means the European Union (Bank Recovery and Resolution) Regulations ( S.I. No. 289
2015 ); “branch” means a place
business in the Member State concerned which forms a legally dependent part
a credit institution and which carries out directly all or some
the transactions inherent in the business
credit institutions; “competent authority” means, as the case may be— (a) the authority designated under Regulation 4
the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158
2014 ), or (b) the European Central Bank, with regard to specific tasks conferred on it by Council Regulation (EU) No 1024/2013
15 October 20132 ; “Court” means the High Court; “covered deposits” means the part
eligible deposits that does not exceed the coverage level laid down in Regulation 11; “credit institution” means a credit institution as defined in point
the Union Capital Requirements Regulation; “decision date” means the date on which— (
the definition
“unavailable deposit”; “deposit” means a credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions and which a credit institution is required to repay, or may be required to repay at a future date, under the legal and contractual conditions applicable, including a fixed-term deposit or a savings deposit, but excluding a credit balance where— (a) its existence can only be proven by a financial instrument (as defined in Article 4
Directive 2004/39/EC
the European Parliament and
the Council
21 April 20043 ) other than where it is a savings product which is evidenced by a certificate
deposit made out to a named person and which existed in the Member State concerned on 2 July 2014, (
a joint account, each
the holders,
a deposit; “deposit guarantee scheme” means a scheme referred to in Regulation 2
the Union Capital Requirements Regulation; “Fund” means the fund established under Regulation 17
the Union Capital Requirements Regulation; “host Member State” means a host Member State as defined in point
the Union Capital Requirements Regulation; “institutional protection scheme” means an institutional protection scheme referred to in Article 113
the Union Capital Requirements Regulation; “joint account” means an account— (a) opened in the name
2 or more persons, or (b) over which 2 or more persons have rights that are exercised by means
the signature
one or more
those persons; “low-risk assets” means items falling into the first or second category referred to in Table 1
the Union Capital Requirements Regulation, cash or any assets which are considered to be similarly safe and liquid by the competent or designated authority; “member state
the EEA” means a state that is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as amended for the time being; “Minister” means the Minister for Finance; “payment commitments” means payment commitments
a credit institution towards a deposit guarantee scheme which are fully collateralised providing that the collateral— (a) consists
low-risk assets, and (b) is unencumbered by any third-party rights and is at the disposal
the deposit guarantee scheme; “Regulation (EU) No 1093/2010” means Regulation (EU) No 1093/2010
the European Parliament and
the Council
24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC4 ; “resolution authority” means the authority designated under Regulation 4
the Bank Recovery and Resolution Regulations; “target level” means the amount
available financial means which the deposit guarantee scheme is required to reach in accordance with Regulation 19 expressed as a percentage
covered deposits
its members; “unavailable deposit” means a deposit that is due and payable but that has not been paid by a credit institution under the legal or contractual conditions applicable thereto, where either— (a) the competent authority has determined that, for the time being, the credit institution concerned appears to be unable, for reasons which are directly related to its financial circumstances, to repay the deposit and has no current prospect
being able to do so, (
suspending depositors’ ability to make claims against it; “Union Capital Requirements Regulation” means Regulation (EU) No 575/2013
the European Parliament and
the Council
26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/20125 ; “working day” means a day which is not a Saturday, Sunday or a public holiday in the State.
a capital nature mentioned in subparagraph (b)
Regulation 10
a designated authority for the purposes
Directive 2014/49/EU
the European Parliament and
the Council
16 April 20141.
depositors, including markings under Regulation 10
data pertaining to depositors’ accounts.
the data referred to in paragraph
professional secrecy in accordance with Article 70
Regulation (EU) No 1093/2010 when exchanging information with the European Banking Authority.
their systems.
matters in a credit institution that are likely to give rise to the intervention
the designated authority.
their systems only for the performance
those tests and shall keep such information no longer than is necessary for that purpose. Relevant administrative authorities 6.
paragraph (a)
the definition
“unavailable deposit”.
“unavailable deposit” as soon as possible and, in any event, not later than 5 working days after first becoming satisfied that a credit institution has failed to repay deposits which are due and payable. Part 3 Deposit guarantee scheme Deposit guarantee scheme 7.
deposit guarantee schemes in the State and other Member States or the establishment
a cross-border deposit guarantee scheme.
the competent authority and the designated authority is required.
the designated authorities
the Member States where the affiliated credit institutions are authorised or registered, as the case may be. Recognition
other schemes 8.
the Union Capital Requirements Regulation and complies with these Regulations. Membership
deposit guarantee scheme 9.
a scheme maintained in the State pursuant to Regulation 7
a deposit guarantee scheme, that credit institution or the designated authority, where it becomes aware
the non-compliance, shall without delay notify the competent authority and, in cooperation with the designated authority, the competent authority, upon notification being made to it under this paragraph, shall promptly take all appropriate measures including the imposition
penalties to ensure that the credit institution complies with its obligations.
the credit institution concerned, the designated authority may, subject to national law and the express consent
the competent authority, give not less than one month’s notice in writing to the credit institution concerned
its intention to exclude the credit institution from membership
the deposit guarantee scheme.
the notice period referred to in paragraph
the notice period referred to in paragraph
the deposit guarantee scheme.
the deposit guarantee scheme pursuant to paragraph
deposits 10.
the Union Capital Requirements Regulation; (c) deposits arising out
transactions in connection with which there has been a criminal conviction for money laundering, as defined in section 2
the Act
2010; (
the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60
2007 ); (f) deposits the holder
which has never been identified pursuant to Part 4
the Act
2010, when they have become unavailable; (g) deposits by insurance undertakings and by reinsurance undertakings as referred to in Article 13
Directive 2009/138/EC
the European Parliament and
the Council
25 November 20096 ; (
own acceptances and promissory notes; (k) deposits by a pension scheme or retirement fund (other than a small self-administered pension scheme).
such deposits. Coverage level
deposits 11.
deposits being unavailable, the coverage level for the aggregate deposits
each depositor is €100,000.
€1 million for 6 months after that amount has been credited or from the moment when such deposits become legally transferable.
an eligible deposit in excess
the coverage limit provided for in paragraph
the following criteria: (
a private residential property (or an interest in a private residential property) by the depositor, (ii) monies which represent the proceeds
sale
a private residential property (or an interest in a private residential property)
the depositor, or (iii) monies which represent the proceeds
an equity release by the depositor in a private residential property; (b) it comprises sums paid to the depositor in respect
— (
a disability or incapacity, (
his or her civil partnership, or (
— (
a person’s death, or (iii) a legacy or other distribution from the estate
a deceased person; or (d) it is held in an account on behalf
a depositor in his or her capacity as personal representative
a deceased person for the purpose
realising and administering the deceased’s estate;
the Member State where the account is located.
repayment to depositors concerned.
a repayment, the exchange rate used shall be the exchange rate on the decision date. Part 5 Repayment Determination
the repayable amount 12.
— (a) the number
deposits, (b) the currency
the deposits, and (c) the location
the deposits within the Union.
each depositor in a joint account shall be taken into account in calculating the limit referred to in Regulation 11
special provisions that override the standard arrangement
splitting equally, a joint account shall be divided equally among the depositors.
a partnership, association or grouping
a similar nature, without legal personality, shall be treated as a single deposit.
each under the arrangements subject to which the sums are managed shall be taken into account when the limit provided for in Regulation 11
the repayable amount shall be the decision date.
a depositor against the credit institution concerned shall not be taken into account when calculating the repayable amount.
f is possible under the statutory and contractual provisions governing the contract between a credit institution and a depositor, liabilities
the depositor to the credit institution may be taken into account when calculating the repayable amount where they have fallen due on or before the decision date.
any contract where any liabilities towards the credit institution are taken into account when calculating the repayable amount.
the aggregated amount
eligible deposits for every depositor.
Directive 2008/95/EC
the European Parliament and
the Council
22 October 20087 , that credit institution shall inform depositors that a connected credit institution operates under such trademarks and that the coverage level laid down in Regulation 11
calculating the amount
a person’s eligible deposits (if any), a liquidator may require any person maintaining a deposit to which this Regulation may relate to supply sufficient information to enable a determination to be made as to whether the provisions
this Regulation apply to such a deposit and the person shall comply with such a requirement. Repayment 13.
the decision date.
duly-verified eligible deposits: (
their covered deposits to cover the cost
living within 5 working days
a request from the depositor concerned.
its own data or that provided by the credit institution concerned.
derogation from paragraph
a temporary high balance as defined in Regulation 11
a host Member State in accordance with Regulation 26
ficial language or languages
the Member State in which the covered deposit is located.
fence arising out
or in relation to money laundering within the meaning
the Act
2010, the designated authority may suspend any payment relating to the depositor concerned, pending the judgment
the court.
the deposit is lower than the administrative costs that would be incurred by the designated authority in making such a repayment.
the coverage level laid down in Regulation 11 may, subject to Regulation 14, claim as an ordinary creditor
the credit institution in respect
these deposits. Claims against deposit guarantee schemes 14.
an action against the designated authority.
subrogation to the rights
depositors in winding up or reorganisation proceedings for an amount equal to their payments made to depositors.
resolution proceedings, including the application
resolution tools or the exercise
resolution powers in accordance with Regulation 25, the designated authority may claim for an amount equal to its payments as a simple contract debt in a court
competent jurisdiction against the relevant credit institution.
the Companies Act 2014 (No. 38
2014). Administration
payments 15.
the credit institution concerned.
the relevant claim where, in its opinion— (a) the costs
such an investigation would be reasonably likely to exceed the amount
the repayment, (b) it is reasonable to make the payment without any such investigation in the interests
the proper and orderly administration
these Regulations, and (c) the claim is an eligible deposit.
the designated authority 16.
paragraph
any person to assist in the administration
repayments after the decision date, or (b) enter into any agreement with any person for the provision
services to the designated authority to assist it in carrying out the functions under these Regulations.
the following: (
ficers or agents
the designated authority; (d) take any other specified action for the purpose
ensuring that repayments are made by the designated authority. Part 6 Financing
deposit guarantee scheme Establishment
Fund 17.
ensuring the effective application
the deposit guarantee scheme maintained under Regulation 7
the Fund.
Fund 18.
the Fund is placed on deposit with the Bank, the Bank shall determine the rate
interest payable from time to time on such money.
these Regulations, the designated authority shall have the power to— (a) raise ex-ante contributions as referred to in Regulation 20 for the purpose
reaching the target level specified in Regulation 19, (
support, in accordance with Regulation 22. Target level 19.
these Regulations to 3 July 2024; “target level” means the level required under paragraph
the Fund reaches at least 0.8%
the amount
covered deposits
all credit institutions authorised in the State.
the Fund shall consist
the following: (
monies held in, the Fund.
— (a) the phase
the business cycle
the institutions concerned, and (b) the impact that pro-cyclical contributions may have when setting annual contributions under this Regulation.
4 years where the Fund has made cumulative disbursements in excess
0.8%
covered deposits.
the Fund falls short
the target level, the payment
contributions shall continue or resume, as the case may be, until the target level is met.
the target level, the regular contribution shall be set at a level allowing the target level to be met again within the next 6 years. Ex-ante contributions 20.
Regulation 19, shall determine an annual contribution under paragraph
covered deposits that the credit institution holds relative to the aggregate covered deposits held by all authorised credit institutions in the State, (c) the risk incurred by the credit institution as determined under Regulation 23, and (d) the impact
any order made under Regulation 23.
their contributory obligations to the Fund through payment commitments, provided that— (
an institution’s contributory obligations held as payment committments at any time, and (d) any relevant guidelines
the European Banking Authority are complied with.
payment obligations.
competent jurisdiction, from any person by whom the contribution is payable, any amount due and owing to the designated authority in respect
annual contributions under this Regulation. Extraordinary ex-post contributions 21.
the Fund are not sufficient to cover losses, costs or other expenses incurred by the Fund, the designated authority shall raise extraordinary ex-post contributions from authorised credit institutions to cover such losses, costs or other expenses in excess
the available financial means.
the covered deposits
the credit institutions in the calendar year in which they are paid.
the competent authority require higher contributions than those contempated under paragraph
time.
extraordinary ex-post contributions to the deposit guarantee scheme where the contributions would jeopardise the liquidity or solvency
the credit institution concerned.
the credit institution concerned.
the competent authority, such payment no longer jeopardises the liquidity or solvency
the credit institution concerned.
payment obligations.
competent jurisdiction, from any person by whom the contribution is payable, any amount due and owing to the designated authority in respect
contributions under this Regulation. Alternative funding means 22.
the Fund, contract borrowings or other forms
support from credit institutions, financial institutions or other third parties where— (
the circumstances set out in section 8
the Financial Services (Deposit Guarantee Scheme) Act 2009 (No. 13
2009), when the Bank considers it appropriate and to such extent it thinks proper from time to time necessary for safeguarding systemic stability having had regard to the need to— (a) protect the interest
persons or any class
persons maintaining deposits with one or more credit institutions authorised or formerly authorised by the Bank, or (b) promote the orderly and proper regulation
banking, provide finance to the Fund on a short-term and urgent basis in order to meet the financing requirements
the Fund under these Regulations. Calculation
contributions to deposit guarantee scheme 23.
the State considered to be low risk that may pay a lower contribution than that which would otherwise be payable under this Part.
an institutional protection scheme may pay lower contributions to the deposit guarantee scheme than that which would otherwise be payable under this Part.
the Union Capital Requirements Regulation may be subject as a whole to the risk weight determined for the central body and its affiliated institutions on a consolidated basis.
the amount
their covered deposits.
contributions under paragraph
the members and shall take due account
the risk profiles
various business models.
the balance sheet and risk indicators, such as capital adequacy, asset quality and liquidity.
March
each year, inform the European Banking Authority
— (a) the amount
covered deposits in the State, and (b) the amount
the available financial means in the Fund, on the 31st day
December
the immediately preceding year. Use
funds 25.
credit institutions in accordance with Regulation 173
the Bank Recovery and Resolution Regulations.
a credit institution provided that the following conditions are met: (a) the resolution authority has not taken any resolution action under Regulation 62
the Bank Recovery and Resolution Regulations; (
the measures do not exceed the cost
fulfilling its statutory mandate; (d) the use
alternative measures is linked to conditions imposed on the credit institution that is being supported, involving at least more stringent risk monitoring and greater verification rights by the authority; (e) the use
alternative measures is linked to commitments by the credit institution being supported with a view to securing access to covered deposits; (f) the ability
the affiliated credit institutions to pay the extraordinary contributions in accordance with paragraph
the competent authority.
the Bank Recovery and Resolution Regulations are met.
extraordinary contributions, where— (a) the need to reimburse depositors arises and the available financial means
the Fund amounts to less than two-thirds
the target level, or (b) the available financial means
the Fund falls below 25%
the target level.
depositors to covered deposits, including transfer
assets and liabilities and deposit book transfer, in the context
insolvency proceedings provided that the costs borne by the deposit guarantee scheme do not exceed the net cost
compensating covered depositors at the credit institution concerned. Part 7 Union cooperation Cooperation within the Union 26.
such credit institutions referred to in paragraph
the host Member State on behalf
the designated authority and the designated authority shall provide instructions to the deposit guarantee scheme
the host Member State as to how to make such repayments.
the host Member State for the costs incurred.
branches
a credit institution established in another Member State require repayment under Directive 2014/49/EU
the European Parliament and
the Council
16 April 20141, the designated authority shall make the repayments in accordance with the instructions given to it by the relevant deposit guarantee scheme
the home Member State.
the home Member State.
the deposit guarantee scheme
the home Member State and shall be also be entitled to receive correspondence from those depositors on its behalf.
the deposit guarantee scheme maintained under Regulation 7
the membership
the first-mentioned deposit guarantee scheme, with the exception
the extraordinary contributions under Regulation 21, shall be transferred to the other deposit guarantee scheme fund.
the activities
an authorised credit institution are transferred to another Member State and thus become subject to another deposit guarantee scheme, the contributions
that credit institution paid during the 12 months preceding the transfer, with the exception
the extraordinary contributions in accordance with Regulation 21, shall be transferred to the other deposit guarantee scheme in proportion to the amount
covered deposits transferred.
credit institutions authorised in the State are located.
Regulations 4, 5, 7, 8 and 9 shall apply in respect
member credit institutions in other Member States.
its intention to do so.
ex-ante and ex-post financing. Cooperation agreements 27.
the existence and the content
the agreements (if any) under paragraph
an agreement, it may refer the matter to the European Banking Authority in accordance with Article 19
Regulation (EU) No 1093/2010.
an agreement under paragraph
depositors under Regulation 14
credit institutions under Regulation 26
these Regulations and Regulation (EU) No 1093/2010.
the designation
the Bank as the designated authority under Regulation 4. Part 8 Third countries Branches
credit institutions established in third countries 28.
fice outside the Union have protection equivalent to that prescribed in these Regulations.
the Act
1971, require that such branches shall join the deposit guarantee scheme and contribute to the Fund, in respect
covered deposits held at the branch which are not covered by a scheme in a third country, such amounts in accordance with Regulation 20
protection as provided for in these Regulations.
fice outside the Union and which is not a member
a deposit guarantee scheme maintained the State shall provide to the designated authority all relevant information concerning the guarantee arrangements for the deposits
actual and intending depositors at that branch.
the
ficial languages
the State and shall be clear and comprehensible.
the deposit guarantee scheme maintained under Regulation 7
the applicable exclusions from deposit guarantee scheme protection.
the receipt
that information, before entering into a contract on the taking
deposits from a prospective depositor.
account including a reference to the form set out in the Schedule.
the deposit guarantee scheme shall be indicated on the form in the Schedule and shall be provided in writing to the depositor at least annually.
the deposit guarantee scheme shall contain the necessary information for depositors, in particular information concerning the provisions regarding the process for, and conditions
, deposit guarantees as envisaged under these Regulations.
ficial language
the State.
the information referred to in paragraphs
the State.
the functioning
the deposit guarantee scheme but shall not contain a reference to unlimited coverage
deposits.
a merger, conversion
subsidiaries into branches or similar operations, depositors shall be informed in writing at least one month before the operation takes legal effect unless the competent authority allows a shorter deadline on the grounds
commercial secrecy or financial stability.
not less than 3 months following notification to them
a merger, conversion or similar operation to withdraw or transfer to another credit institution, without incurring any penalty, their eligible deposits including all accrued interest and benefits in so far as they exceed the coverage level pursuant to Regulation 11 at the time
the operation.
banking, the information required to be disclosed by its credit institution under these Regulations may be communicated by those same means other than where the depositor so requests, in which case, it shall be communicated on paper. List
authorised credit institutions 30. The competent authority shall, when notifying the European Banking Authority
an authorisation in accordance with Article 20
Directive 2013/36/EU
the European Parliament and
the Council
26 June 20138 , also inform that authority
the deposit guarantee scheme
which the credit institution is a member. Part 10 Consequential amendments Chapter 1 Acts Amendment
Central Bank Act 1942 31. The Central Bank Act 1942 (No. 22
1942) is amended in Part 2
Schedule 2 (as amended by Regulation 311
the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485
2015 )) by inserting after item 61 the following: “ 62 S.I. No. 516
2015 European Union (Deposit Guarantee Schemes) Regulations The whole instrument ”. Amendment
Central Bank and Credit Institutions (Resolution) Act 2011 32. Central Bank and Credit Institutions (Resolution) Act 2011 (No. 27
2011) is amended— (a) in section 75
2009’ means the Financial Services (Deposit Guarantee Scheme) Act 2009 (No. 13
2009); ‘legacy fund’ means any fund established, held and administered by the Bank for the purpose
receiving a specified proportion
the funds standing to the credit
the deposit protection account, which relate to credit institutions, that are transferred from that account; ‘Fund’ has the meaning assigned to it by Regulation 3
the Regulations
2015; ‘Regulations
2015’ means the European Union (Deposit Guarantee Schemes) Regulations ( S.I. No 516
2015 );”, and (ii) by substituting for the definition
“eligible depositor” the following: “ ‘eligible depositor’ means a person with an eligible deposit (within the meaning
Regulation 3
the Regulations
2015);”, (b) in section 79
section 1
the Act
2009)” for “(within the meaning in Regulation 8A
the Regulations
1995)”, (c) in section 80
the Regulations
2015 from the Fund or, where appropriate, the legacy fund,” for “Regulation 4
the Regulations
1995 from the deposit protection account,”, and (
2015” for “Regulations
1995”, and (e) in section 82, by substituting “Fund or, where appropriate, the legacy fund” for “deposit protection account”. Chapter 2 Regulations Amendment
European Union (Bank Recovery and Resolution) Regulations 2015 33. The Bank Recovery and Resolution Regulations are amended— (a) in Regulation 3
“deposit guarantee scheme” by substituting for paragraph (
Regulation 3
the European Union (Deposit Guarantee Schemes) Regulations (No. 516
2015), or”, (b) in Regulation 16, by renumbering the second paragraph
these Regulations are covered until their initial maturity date, where they were paid in or issued on or before 2 July 2014.
deposits or other instruments which shall no longer be covered by the deposit guarantee scheme on and after 3 July 2015.
1995 ); (b) the European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009 ( S.I. No. 228
2009 ). Laying
orders 36. Every order made under Regulation 23 shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity
anything previously done thereunder. SCHEDULE Depositor Information Form Regulations 12 and 29 Basic information about the protection
your eligible deposits Eligible deposits in [insert name
credit institution] are protected by: [insert the name
the relevant deposit guarantee scheme]
protection: €100,000 per depositor per credit institution
your credit institution [insert all trademarks which operate under the same licence] If you have more eligible deposits at the same credit institution: All your eligible deposits at the same credit institution are ‘aggregated’ and the total is subject to the limit
€100,000 [replace by adequate amount if currency not euro]
€100,000 [replace by adequate amount if currency not euro] applies to each depositor separately
credit institution’s failure: 7 working days
reimbursement: euro [replace by another currency where applicable] or for branches
Irish banks operating in another member state
the EEA, the currency
that member state. To contact [insert name
credit institution] for enquiries relating to your account:To contact the deposit guarantee scheme for further information on compensation: [insert name
credit institution and contact details][insert name
deposit guarantee scheme and contact details] More information: [insert the website address
the relevant deposit guarantee scheme] Acknowledgement
receipt by the depositor: Additional information (all or some
the below)
your deposit. Your deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency should occur, your eligible deposits would be repaid up to €100,000 [replace by adequate amount if currency not euro].
protection If a covered deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by a deposit guarantee scheme. This repayment covers at maximum €100,000 [replace by adequate amount if currency not euro] per credit institution. This means that all eligible deposits at the same credit institution are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with €90,000 and a current account with €20,000, he or she will only be repaid €100,000. [Only where applicable:] This method will also be applied if a credit institution operates under different trademarks. The [insert name
the account-holding credit institution] also trades under [insert all other trademarks
the same credit institution]. This means that all eligible deposits with one or more
these trademarks are in total covered up to €100,000.
protection for joint accounts In case
joint accounts, the limit
€100,000 applies to each depositor. [Only where applicable:] However, eligible deposits in an account to which 2 or more persons are entitled as members
a business partnership, association or grouping
a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose
calculating the limit
€100,000 [replace by adequate amount if currency not euro]. In some cases [insert cases defined in national law] deposits are protected above €100,000 [replace by adequate amount if currency not euro]. More information can be obtained under [insert the website address
the relevant deposit guarantee scheme].
the responsible deposit guarantee scheme]. Other important information In general, all retail depositors and businesses are covered by deposit guarantee schemes. Exceptions for certain deposits are stated on the website
the responsible deposit guarantee scheme. Your credit institution will also inform you on request whether certain products are covered or not. If deposits are eligible, the credit institution shall also confirm this on the statement
account. GIVEN under my
ficial Seal, 16 November 2015. MICHAEL NOONAN, Minister for Finance. 1 OJ No. L 173, 12.06.2014, p. 149 2 OJ No. L 287, 29.10.2013, p. 63 3 OJ No. L 145, 30.04.2004, p. 1 4 OJ No. L 331, 15.12.2010, p. 12 5 OJ No. L 176, 27.06.2013, p. 1 6 OJ No. 335 L, 17.12.2009, p. 1 7 OJ No. L 299, 08.11.2008, p. 25 8 OJ No. L 176, 27.06.2013, p. 338 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government
Ireland. Oireachtas Copyright Material is reproduced with the permission
the Houses
the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.