7. Further information
Further information on the Deposit Guarantee Scheme is
available on the website of the Deposit Guarantee Scheme –
www.depositguarantee.ie
To find out more:
Call into your local branch
1800 303 004
ulsterbank.ie
Braille, large print and audio
This brochure is also available in Braille, large print, audio
or on disk. Please contact your local branch for details or
Textphone 1800 924 615.
Deposit
Guarantee
Scheme
Information Booklet
This Guidance Note should not be considered to be a comprehensive summary
of the Regulations and does not constitute legal advice. A copy of the European
Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516), the Financial
Services (Deposit Guarantee Scheme) Act 2009 (No. 12 of 2009), the European
Communities (Deposit Guarantee Schemes) Amendment Regulations 2009
(S.I. No. 228 of 2009) and the European Communities (Deposit Guarantee
Schemes) Regulations 1995 (S.I. No. 168 of 1995) may be obtained from
the Government Publications Office, 52 St. Stephens Green, Dublin 2 or on
www.irishstatutebook.ie
5
Generated at: Wed May 4 14:38:00 2016
Ulster Bank Ireland DAC. A private company limited by shares, trading as Ulster Bank,
Ulster Bank Group, Banc Uladh and Lombard. Registered in Republic of Ireland.
Registered No. 25766. Registered Office: Ulster Bank Group Centre, George’s Quay,
Dublin 2, D02 VR98. Ulster Bank Ireland DAC is regulated by the Central Bank of Ireland.
Calls may be recorded.
ULST77RI 23 May 2016.
1. Background
The Deposit Guarantee Scheme in Ireland was established
by the European Communities (Deposit Guarantee
Schemes) Regulations, 1995, amended by the European
Communities (Deposit Guarantee Schemes) (Amendment)
Regulations 2009 (S.I. No. 228 of 2009) and the European
Union (Deposit Guarantee Schemes) Regulations 2015
(S.I. No. 516 of 2015).
The Deposit Guarantee Scheme is funded by credit
institutions which are authorised by the Central Bank of
Ireland. The system is administered by the Central Bank
of Ireland. The scheme protects eligible deposits in banks,
building societies and credit unions authorised in Ireland.
Deposits with credit institutions authorised in another
European Economic Area (“EEA”)* country and operating in
Ireland on a branch basis are covered under that country’s
system. These credit institutions may opt in to the Deposit
Guarantee Scheme, in which case the terms set out
in this leaflet apply. Ulster Bank Ireland DAC contributes to
the Deposit Guarantee Scheme.
2. Eligible deposits
Deposits eligible for cover under the deposit protection
scheme are deposits denominated in any currency held at
EEA branches of banks, building societies and credit unions
authorised in Ireland. Deposits not eligible for cover include:
• d
eposits made by other credit institutions on their
own behalf and for their own account;
• d
eposits arising out of transactions in connection
with which there has been a criminal conviction for
money laundering;
• deposits by financial institutions;
• deposits by investment firms;
• deposits the holder of which has never been identified;
• d
eposits by insurance undertakings and by
reinsurance undertakings;
• deposits by collective investment undertakings;
• deposits by pension and retirement funds;
• deposits by public authorities; and
• d
ebt securities issued by a credit institution and
liabilities arising out of own acceptances and
promissory notes.
3. Limits on compensation
The maximum compensation payable is €100,000 per
person per credit institution and includes any interest due
up to the date of default.
Thus, a depositor with a deposit account totalling €75,000
would receive compensation of €75,000 while a depositor
with eligible deposits of €100,000 or more would receive
the maximum compensation of €100,000.
Similarly, two depositors holding a joint account totalling
€150,000 would receive compensation of €75,000 each while
two depositors holding a joint account totalling €300,000
would receive maximum compensation of €100,000 each.
4. Joint accounts
Unless otherwise specified, joint account balances will be
apportioned equally between each account holder for this
purpose and aggregated with any other balances held by that
account holder. However, deposits in an account to which
two or more persons are entitled as members of a business
partnership, association or grouping of a similar nature,
without legal personality, are not treated as joint accounts, but
aggregated and treated as if made by a single depositor for the
purpose of calculating the compensation limit of €100,000.
6. Compensation payment procedure
Under the Regulations, the compensation payment process
is initiated by:
–the Central Bank of Ireland determining that a credit
institution is unable to repay deposits due to its
financial condition, or
–a court making a ruling, for reasons directly related
to a credit institution’s financial circumstances, that
suspends depositors’ ability to make claims against
that institution.
The Central Bank of Ireland is expected to pay compensation
to depositors within 20 working days of a determination by
the Central Bank of Ireland that deposits are unavailable, or
of a ruling by the court (subject to the terms and conditions
set out in the Regulations).
The Central Bank of Ireland will publish compensation
procedures in the event of the process being initiated.
Special provisions may apply in cases where further information
is required in order to clearly identify beneficiaries and
allow compensation payments to be made.
5. Multiple accounts
All balances held in the depositor’s name (including
balances held in a joint account or beneficially in a trustee
account) will be aggregated for the purpose of calculating
the funds owed to the depositor by the Irish Deposit
Guarantee Scheme.
In the event of a payment, set-off will not take place.
In other words, a depositor’s debts to the institution (such
as their mortgage loan and/or overdraft amount) will not
be deducted from the sum of their deposits.
*i.e. all European Union Member States and Iceland, Liechtenstein and Norway.
2
Generated at: Wed May 4 14:38:00 2016
3
4
1. Background
The Deposit Guarantee Scheme in Ireland was established
by the European Communities (Deposit Guarantee
Schemes) Regulations, 1995, amended by the European
Communities (Deposit Guarantee Schemes) (Amendment)
Regulations 2009 (S.I. No. 228 of 2009) and the European
Union (Deposit Guarantee Schemes) Regulations 2015
(S.I. No. 516 of 2015).
The Deposit Guarantee Scheme is funded by credit
institutions which are authorised by the Central Bank of
Ireland. The system is administered by the Central Bank
of Ireland. The scheme protects eligible deposits in banks,
building societies and credit unions authorised in Ireland.
Deposits with credit institutions authorised in another
European Economic Area (“EEA”)* country and operating in
Ireland on a branch basis are covered under that country’s
system. These credit institutions may opt in to the Deposit
Guarantee Scheme, in which case the terms set out
in this leaflet apply. Ulster Bank Ireland DAC contributes to
the Deposit Guarantee Scheme.
2. Eligible deposits
Deposits eligible for cover under the deposit protection
scheme are deposits denominated in any currency held at
EEA branches of banks, building societies and credit unions
authorised in Ireland. Deposits not eligible for cover include:
• d
eposits made by other credit institutions on their
own behalf and for their own account;
• d
eposits arising out of transactions in connection
with which there has been a criminal conviction for
money laundering;
• deposits by financial institutions;
• deposits by investment firms;
• deposits the holder of which has never been identified;
• d
eposits by insurance undertakings and by
reinsurance undertakings;
• deposits by collective investment undertakings;
• deposits by pension and retirement funds;
• deposits by public authorities; and
• d
ebt securities issued by a credit institution and
liabilities arising out of own acceptances and
promissory notes.
3. Limits on compensation
The maximum compensation payable is €100,000 per
person per credit institution and includes any interest due
up to the date of default.
Thus, a depositor with a deposit account totalling €75,000
would receive compensation of €75,000 while a depositor
with eligible deposits of €100,000 or more would receive
the maximum compensation of €100,000.
Similarly, two depositors holding a joint account totalling
€150,000 would receive compensation of €75,000 each while
two depositors holding a joint account totalling €300,000
would receive maximum compensation of €100,000 each.
4. Joint accounts
Unless otherwise specified, joint account balances will be
apportioned equally between each account holder for this
purpose and aggregated with any other balances held by that
account holder. However, deposits in an account to which
two or more persons are entitled as members of a business
partnership, association or grouping of a similar nature,
without legal personality, are not treated as joint accounts, but
aggregated and treated as if made by a single depositor for the
purpose of calculating the compensation limit of €100,000.
6. Compensation payment procedure
Under the Regulations, the compensation payment process
is initiated by:
–the Central Bank of Ireland determining that a credit
institution is unable to repay deposits due to its
financial condition, or
–a court making a ruling, for reasons directly related
to a credit institution’s financial circumstances, that
suspends depositors’ ability to make claims against
that institution.
The Central Bank of Ireland is expected to pay compensation
to depositors within 20 working days of a determination by
the Central Bank of Ireland that deposits are unavailable, or
of a ruling by the court (subject to the terms and conditions
set out in the Regulations).
The Central Bank of Ireland will publish compensation
procedures in the event of the process being initiated.
Special provisions may apply in cases where further information
is required in order to clearly identify beneficiaries and
allow compensation payments to be made.
5. Multiple accounts
All balances held in the depositor’s name (including
balances held in a joint account or beneficially in a trustee
account) will be aggregated for the purpose of calculating
the funds owed to the depositor by the Irish Deposit
Guarantee Scheme.
In the event of a payment, set-off will not take place.
In other words, a depositor’s debts to the institution (such
as their mortgage loan and/or overdraft amount) will not
be deducted from the sum of their deposits.
*i.e. all European Union Member States and Iceland, Liechtenstein and Norway.
2
Generated at: Wed May 4 14:38:00 2016
3
4
1. Background
The Deposit Guarantee Scheme in Ireland was established
by the European Communities (Deposit Guarantee
Schemes) Regulations, 1995, amended by the European
Communities (Deposit Guarantee Schemes) (Amendment)
Regulations 2009 (S.I. No. 228 of 2009) and the European
Union (Deposit Guarantee Schemes) Regulations 2015
(S.I. No. 516 of 2015).
The Deposit Guarantee Scheme is funded by credit
institutions which are authorised by the Central Bank of
Ireland. The system is administered by the Central Bank
of Ireland. The scheme protects eligible deposits in banks,
building societies and credit unions authorised in Ireland.
Deposits with credit institutions authorised in another
European Economic Area (“EEA”)* country and operating in
Ireland on a branch basis are covered under that country’s
system. These credit institutions may opt in to the Deposit
Guarantee Scheme, in which case the terms set out
in this leaflet apply. Ulster Bank Ireland DAC contributes to
the Deposit Guarantee Scheme.
2. Eligible deposits
Deposits eligible for cover under the deposit protection
scheme are deposits denominated in any currency held at
EEA branches of banks, building societies and credit unions
authorised in Ireland. Deposits not eligible for cover include:
• d
eposits made by other credit institutions on their
own behalf and for their own account;
• d
eposits arising out of transactions in connection
with which there has been a criminal conviction for
money laundering;
• deposits by financial institutions;
• deposits by investment firms;
• deposits the holder of which has never been identified;
• d
eposits by insurance undertakings and by
reinsurance undertakings;
• deposits by collective investment undertakings;
• deposits by pension and retirement funds;
• deposits by public authorities; and
• d
ebt securities issued by a credit institution and
liabilities arising out of own acceptances and
promissory notes.
3. Limits on compensation
The maximum compensation payable is €100,000 per
person per credit institution and includes any interest due
up to the date of default.
Thus, a depositor with a deposit account totalling €75,000
would receive compensation of €75,000 while a depositor
with eligible deposits of €100,000 or more would receive
the maximum compensation of €100,000.
Similarly, two depositors holding a joint account totalling
€150,000 would receive compensation of €75,000 each while
two depositors holding a joint account totalling €300,000
would receive maximum compensation of €100,000 each.
4. Joint accounts
Unless otherwise specified, joint account balances will be
apportioned equally between each account holder for this
purpose and aggregated with any other balances held by that
account holder. However, deposits in an account to which
two or more persons are entitled as members of a business
partnership, association or grouping of a similar nature,
without legal personality, are not treated as joint accounts, but
aggregated and treated as if made by a single depositor for the
purpose of calculating the compensation limit of €100,000.
6. Compensation payment procedure
Under the Regulations, the compensation payment process
is initiated by:
–the Central Bank of Ireland determining that a credit
institution is unable to repay deposits due to its
financial condition, or
–a court making a ruling, for reasons directly related
to a credit institution’s financial circumstances, that
suspends depositors’ ability to make claims against
that institution.
The Central Bank of Ireland is expected to pay compensation
to depositors within 20 working days of a determination by
the Central Bank of Ireland that deposits are unavailable, or
of a ruling by the court (subject to the terms and conditions
set out in the Regulations).
The Central Bank of Ireland will publish compensation
procedures in the event of the process being initiated.
Special provisions may apply in cases where further information
is required in order to clearly identify beneficiaries and
allow compensation payments to be made.
5. Multiple accounts
All balances held in the depositor’s name (including
balances held in a joint account or beneficially in a trustee
account) will be aggregated for the purpose of calculating
the funds owed to the depositor by the Irish Deposit
Guarantee Scheme.
In the event of a payment, set-off will not take place.
In other words, a depositor’s debts to the institution (such
as their mortgage loan and/or overdraft amount) will not
be deducted from the sum of their deposits.
*i.e. all European Union Member States and Iceland, Liechtenstein and Norway.
2
Generated at: Wed May 4 14:38:00 2016
3
4
7. Further information
Further information on the Deposit Guarantee Scheme is
available on the website of the Deposit Guarantee Scheme –
www.depositguarantee.ie
To find out more:
Call into your local branch
1800 303 004
ulsterbank.ie
Braille, large print and audio
This brochure is also available in Braille, large print, audio
or on disk. Please contact your local branch for details or
Textphone 1800 924 615.
Deposit
Guarantee
Scheme
Information Booklet
This Guidance Note should not be considered to be a comprehensive summary
of the Regulations and does not constitute legal advice. A copy of the European
Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516), the Financial
Services (Deposit Guarantee Scheme) Act 2009 (No. 12 of 2009), the European
Communities (Deposit Guarantee Schemes) Amendment Regulations 2009
(S.I. No. 228 of 2009) and the European Communities (Deposit Guarantee
Schemes) Regulations 1995 (S.I. No. 168 of 1995) may be obtained from
the Government Publications Office, 52 St. Stephens Green, Dublin 2 or on
www.irishstatutebook.ie
5
Generated at: Wed May 4 14:38:00 2016
Ulster Bank Ireland DAC. A private company limited by shares, trading as Ulster Bank,
Ulster Bank Group, Banc Uladh and Lombard. Registered in Republic of Ireland.
Registered No. 25766. Registered Office: Ulster Bank Group Centre, George’s Quay,
Dublin 2, D02 VR98. Ulster Bank Ireland DAC is regulated by the Central Bank of Ireland.
Calls may be recorded.
ULST77RI 23 May 2016.
7. Further information
Further information on the Deposit Guarantee Scheme is
available on the website of the Deposit Guarantee Scheme –
www.depositguarantee.ie
To find out more:
Call into your local branch
1800 303 004
ulsterbank.ie
Braille, large print and audio
This brochure is also available in Braille, large print, audio
or on disk. Please contact your local branch for details or
Textphone 1800 924 615.
Deposit
Guarantee
Scheme
Information Booklet
This Guidance Note should not be considered to be a comprehensive summary
of the Regulations and does not constitute legal advice. A copy of the European
Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516), the Financial
Services (Deposit Guarantee Scheme) Act 2009 (No. 12 of 2009), the European
Communities (Deposit Guarantee Schemes) Amendment Regulations 2009
(S.I. No. 228 of 2009) and the European Communities (Deposit Guarantee
Schemes) Regulations 1995 (S.I. No. 168 of 1995) may be obtained from
the Government Publications Office, 52 St. Stephens Green, Dublin 2 or on
www.irishstatutebook.ie
5
Generated at: Wed May 4 14:38:00 2016
Ulster Bank Ireland DAC. A private company limited by shares, trading as Ulster Bank,
Ulster Bank Group, Banc Uladh and Lombard. Registered in Republic of Ireland.
Registered No. 25766. Registered Office: Ulster Bank Group Centre, George’s Quay,
Dublin 2, D02 VR98. Ulster Bank Ireland DAC is regulated by the Central Bank of Ireland.
Calls may be recorded.
ULST77RI 23 May 2016.