DEPOSITOR INFORMATION SHEET
1. SCHEME RESPONSIBLE FOR THE PROTECTION OF YOUR DEPOSIT
Your eligible deposit is covered by a statutory deposit guarantee scheme. The Gibraltar Deposit Guarantee Scheme is defined in Part 15 of the Financial Services Act 2019. If insolvency of your credit institution should occur, your eligible deposits would in any case be repaid up to €100,000 (or the currency equivalent at the time of disbursement) by the Deposit Guarantee Scheme.
2. GENERAL LIMIT OF 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 (or the currency equivalent at the time of disbursement) 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 (or currency equivalent).
In some cases eligible deposits which are categorised as ‘temporary high balances’ are protected above €100,000 (or the currency equivalent) for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events, including:
(a) certain transactions relating to the depositor’s current or prospective only or main residence or dwelling;
(b) a death, or the depositor’s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity;
(c) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.
3. LIMIT OF PROTECTION FOR JOINT ACCOUNTS
In case of joint accounts, the limit of €100,000 (or currency equivalent) applies to each depositor.
However, eligible 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 aggregated and treated as if made by a single depositor for the purpose of calculating the limit of €100,000 (or currency equivalent).
The responsible deposit guarantee scheme is the Gibraltar Deposit Guarantee Scheme, Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar, GX11 1AA. Except where specific exceptions apply, it will repay your eligible deposits (up to €100,000, or currency equivalent) within:
(a) 10 working days from 1st January 2021 to 31st December 2023; and
(b) 7 working days from 1st January 2024 onwards.
Where the Deposit Guarantee Scheme cannot make the repayable amount available within seven working days, it will, until 31st December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor who is an individual) or to cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within five working days of a request. Again, there are specific exceptions to this obligation.
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under http://gdgb.gi/.
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 of 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 must also confirm this on the statement of account.
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