Deposit Guarantee Scheme

The Deposit Guarantee Scheme is a permanent scheme, set up by law and operated by the Central Bank of Ireland. It protects deposits in the event that a bank, building society or credit union is declared insolvent or a liquidator declares that it cannot repay its deposits. If this happens, your deposits will be paid within 20 working days. The scheme is funded by deposits from the institutions covered by the scheme.

If your institution is in the scheme, your deposits will be paid to you up to a maximum of €100,000.
You do not have to be resident in Ireland or be an Irish citizen to claim under the scheme. As long as your deposits are held in an institution that is part of the scheme and your account is covered by the scheme, you can make a claim.

When you place your money in State Savings products, such as those sold by An Post, your money is with the Irish Government. There is no upper limit on the amount protected and no expiry or end date for this protection see details on www.statesavings.ie

You may be entitled to additional compensation under the Government guarantee (ELG scheme) if:
• you have more than €100,000 in a fixed term deposit account with a bank or building society
• that bank or building society was covered by the Government guarantee on the date you deposited the money
• you deposited the money before 28 March 2013

The institutions operating in Ireland under the Deposit Guarantee Scheme are:

  • AIB, including previous Anglo Irish Bank deposits (See note 1) and EBS deposits (See note 2)
  • Bank of Ireland
  • Credit Unions (All Credit Unions registered under the Credit Union Act, 1997)
  • Permanent TSB (formerly Irish Life and Permanent), including previous Irish Nationwide Building Society deposits (See note 3)
  • KBC Bank Ireland plc (formerly IIB Bank plc)
  • Danske bank (formerly National Irish Bank)
  • Rabobank Ireland plc
  • Ulster Bank

If you have an account with a bank that operates in Ireland but is regulated in another country, check to see if your deposits are covered by a compensation scheme in that country.

Note 1: Deposits at AIB are covered under the Deposit Guarantee Scheme up to a maximum of €100,000 per individual, so if you had deposits in both AIB and Anglo prior to the transfer, the combined deposits will now be covered up to a maximum of €100,000.

Note 2: Deposits in EBS and AIB continue to be treated separately under the Deposit Guarantee Scheme as EBS and AIB are separate institutions, each with their own banking license. If you have deposits in EBS and AIB these deposits will be covered up to a maximum of €100,000 in each institution – i.e. €100,000 for deposits in AIB and a further €100,000 for deposits in EBS, per person.

Note 3: Deposits at  Permanent TSB (formerly Irish Life and Permanent) are covered under the Deposit Guarantee Scheme up to a maximum of €100,000 per individual, so if you had deposits in both Irish Nationwide Building Society and Permanent TSB (formerly Irish Life and Permanent) prior to the transfer, the combined deposits will now be covered up to a maximum of €100,000.

What types of accounts are covered under the Deposit Guarantee Scheme?

  • Current accounts
  • Demand deposit accounts
  • Notice deposit accounts
  • Term deposit accounts
  • Certificates of deposit
  • Deposit elements of structured deposits
  • Share accounts and deposit accounts with building societies or credit unions

Who can make a claim under the Deposit Guarantee Scheme?

  • Personal customers
  • Sole traders and small businesses
  • Partnerships
  • Trusts
  • Small companies
  • Charities
  • Voluntary organisations
  • Accounts held in trust by solicitors (such as for personal injury awards)
  • Small self-administered pensions

If you are unsure whether you could make a claim, check with your bank or the Central Bank of Ireland.

How much can you claim?

The maximum you can claim is €100,000 for each institution in the scheme. The scheme works by adding up all the deposits you have with that institution, including your share of any joint accounts.

  • If you have 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. However you may be entitled to additional compensation under the Government guarantee if your money is with a bank or building society covered by the Government guarantee.
  • Credit unions are covered by the deposit guarantee scheme but they are not covered by the Government guarantee. Therefore the maximum protection you are entitled to is €100,000 per person in each credit union.

The examples below show how a claim on the Deposit Guarantee Scheme would work for different account holders with different amounts in their accounts.

Example 1: Single account holder with a deposit in a bank
Amount of deposit Maximum limit Account holder will get
Single account holder with a deposit of €20,000  €20,000 €100,000 €20,000
Single account holder with a deposit of €100,000 €100,000 €100,000 €100,000
Single account holder with a deposit of €150,000  €150,000 €100,000 €100,000*

* You may be entitled to additional compensation under the Government Guarantee if you have more than €100,000 on deposit with one bank or building society.

Example 2: Joint account holders who each own half the deposit in a bank
Balance of joint account Share of joint account  per person (50:50 split) Maximum limit per person Each account holder will get
2 joint account holders with a deposit of €80,000 €80,000 €40,000 €100,000 €40,000
2 joint account holders with a deposit of €150,000 €150,000 €75,000 €100,000 €75,000
2 joint account holders with a deposit of €300,000 €300,000 €150,000 €100,000 €100,000*

* You may be entitled to additional compensation under the Government Guarantee if you have more than €100,000 on deposit with one bank or building society.

Example 3:

 

 

 

Amount of deposit Maximum limit Account holder will get
(a) An individual who owns two separate accounts with two different institutions with a balance of €60,000 in each account €120,000 €100,000 €120,000
(b) An individual who owns two separate accounts with the same institution with a balance of €60,000 in each account €120,000 €100,000 €100,000*

You add up all the amounts the depositor holds with an institution and the calculation of the guaranteed amount is based on that total amount up to the maximum limit of €100,000.  However, in example 3(a) this individual depositor has a total balance of €120,000, but because the accounts are with different institutions the maximum compensation they will get is €120,000 (€60,000 per institution). If you have deposits with more than one institution, you are entitled to claim up to €100,000 per institution.  

* You may be entitled to additional compensation under the Government Guarantee if you have more than €100,000 on deposit with one bank or building society

Some banks that operate in Ireland are regulated in their home country and operate here under EU rules. If you have an account with a bank that operates in Ireland but is regulated in its 'home country', you would usually make a claim under a compensation scheme in place in the country where the institution is regulated. Some of the deposit schemes relevant to Irish consumers are:

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