Deposit Guarantee Scheme
The Deposit Guarantee Scheme is a consumer protection scheme operated by the Central Bank of Ireland. The scheme protects deposits (up to a maximum of €100,000) in the event that a bank, building society or credit union is declared insolvent or a liquidator determines that the financial institution cannot repay its depositors.
Once your deposits are held in a financial institution that is part of the Deposit Guarantee Scheme and your account is covered by the scheme, you can make a claim.
The institutions operating in Ireland under the Deposit Guarantee Scheme are:
- ACC Bank
- AIB (including previous Anglo Irish Bank and EBS deposits)
- Bank of Ireland
- Credit Unions
- ICS Building Society (The Mortgage Store)
- Irish Life and Permanent (including Permanent TSB)
- Permanent TSB (including previous Irish Nationwide Building Society deposits)
- KBC Bank Ireland plc (formerly IIB Bank plc)
- Danske bank (formerly National Irish Bank)
- Ulster Bank
NB Savings and deposits held with An Post are not covered by the Deposit Guarantee Scheme because your funds are effectively held directly with the Irish Government
There are a variety of savings and deposit products that are covered under the Deposit Guarantee Scheme – these include:-
- Current accounts
- Demand deposit accounts
- Term deposit accounts
- Share accounts and deposit accounts with building societies
- Share accounts and deposit accounts with credit unions
The types of depositors who can make a claim under the Deposit Guarantee Scheme are:-
- Sole traders and small businesses
- Small companies
- Voluntary organisations
- Accounts held in trust by solicitors (such as for personal injury awards)
The maximum claim is €100,000 per person for each institution in the scheme. The scheme works by adding up all the deposits you have with that institution, including your share of all joint accounts.
- If you hold more than €100,000 with a single institution, under the deposit guarantee scheme you will still only be entitled to a maximum of €100,000.
If you have any concerns about the security of your deposits or the workings of the Deposit Guarantee Scheme please feel free to contact us for impartial advice.