OREANDA-NEWS. December 14, 2015. New EU Directive on Deposit Guarantee Schemes (2014/49/EU) has recently come into effect in Irish law.

The Directive introduces positive changes for depositors including:

  • a gradual reduction in compensation payment deadlines;
  • broadened scope of coverage of deposits across the EU, and
  • provision of improved information by banks and credit unions to depositors, to ensure that they are aware of the key aspects of protection of their deposits by the Deposit Guarantee Scheme (DGS).

Going forward, consumers entering into a new deposit-taking contract will be provided with a depositor information sheet which must be acknowledged.  This provides:

  • information about the protection of deposits, and
  • contact details and website address for the DGS www.depositguarantee.ie.

The current maximum protection level of €100,000 per person per credit institution is unchanged. 

Further details about the DGS are available at www.depositguarantee.ie.