Deposit Guarantee Scheme – DGS
The Deposit Guarantee Scheme – DGS protects depositors in the event of a bank, building society or a credit union authorised by the Central Bank of Ireland being unable to repay deposits. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme.
Deposits up to €100,000 per person per institution are protected – please see table below for examples. The Deposit Guarantee Scheme is obliged to issue compensation to depositors duly verified as eligible within 20 working days of a credit institution failing.
Each credit institution is required to maintain a Deposit Protection Account (DPA) equivalent to 0.2 percent of their total deposits, in order to fund the DGS. The Deposit Guarantee Scheme is part of the Central Bank of Ireland’s strategy to ensure that the best interests of consumers of financial services are protected.
The Irish DGS protects deposits held at EU branches of authorised Irish institutions. Deposits held with credit institutions that are authorised in another European Economic Area Member State are covered by that country’s deposit guarantee scheme.
Credit Unions covered by the DGS are listed in the Register of Credit Unions, available here
Account Holder Examples:
|Examples:||Amount of Deposit(s)||Maximum Limit per person||Amount protected under the DGS for each account holder|
|Single Account Holder with a deposit of €20,000||€20,000||€100,000||€20,000|
|Single Account Holder with 2 separate accounts with the same institution with a balance of €60,000 in each account||€120,000||€100,000||€100,000|
|2 Joint Account Holders with a deposit of €150,000. Share of joint account per person (50:50) split||€150,000||€100,000||€75,000|
|2 Joint Account Holders with a deposit of €300,000. Share of a joint account per person (50:50) split.||€300,000||€100,000||€100,000|