Deposit Guarantee Scheme

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Not sure what the Deposit Guarantee Scheme involves, or how it affects you?

The Deposit Guarantee Scheme protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits.

Deposits up to €100,000 per person per institution are protected under the scheme. The Deposit Guarantee Scheme (DGS) aims to pay depositors as quickly as possible and is required to pay verified eligible depositors within 7 working days.

The Deposit Guarantee Scheme is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme.

The following document outlines the basic details of the protection of eligible deposits in EBS:

Deposit Guarantee Scheme – Depositor Information Sheet (PDF, 1 page, 551KB)

A deposit means a credit balance on an account with a bank, building society or credit union that the credit institution must repay under the legal and contractual conditions applicable. The following is a list of deposit types that may be considered eligible for DGS:

  • Current accounts
  • Demand deposit accounts
  • Notice deposit accounts
  • Fixed term deposit accounts
  • Share accounts in a building society or credit union
  • Deposit element of structured deposits/tracker bonds may also be eligible
  • Credit balances on credit cards issued by credit institutions may also be eligible

In general the DGS protects deposits belonging to individuals, companies, partnerships, clubs, associations, schools etc. The DGS covers deposits in branches of credit institutions authorised in Ireland. The residency of the depositor is not a factor in determining the eligibility of the deposit. You do not have to be resident in Ireland or be an Irish citizen to be eligible for DGS compensation.

The deposits of the following are protected:

  • Individuals
  • Sole Traders
  • Partnerships
  • Clubs, associations, schools and charities
  • Companies1
  • Funds held in trust in client accounts by solicitors and other professionals may be eligible if the underlying beneficiaries are eligible in their own right
  • Small self-administered pensions

1Companies are covered as long as they are not a company that is on the exclusion list below.

Deposits placed by the following type of entities are not covered under the scheme:

  •         Banks, credit unions and building societies
  •         Persons charged (pending a court decision) or convicted of money laundering offences
  •         Financial Institutions
  •         Investment Firms
  •         Depositors who have never been identified in accordance with anti-money laundering legislation
  •         Insurance and Reinsurance undertakings
  •         Collective Investment undertakings
  •         Public Authorities
  •         A pension scheme or retirement fund (other than a small self-administered pension scheme)
  •         Debt Securities issued by a credit institution and liabilities arising out of own acceptances and promissory notes

Additional information on the Deposit Guarantee Scheme.