Deposit guarantee scheme

Hi Folks

Apologies if this is a stupid question.

If you google Deposit Guarantee Scheme, it brings you to a page on the Central Bank website which says the following.

DGS protects:

• Eligible depositors in the event of a bank, building society and or credit union authorised by the Central Bank being unable to pay deposits
• Up to €100,000 per person per institution
• Current accounts, deposit accounts, share accounts in banks, building societies and credit unions.

There’s a link to the following website https://www.depositguarantee.ie

When you click on the link, it just mentions the figure of €100,000, but doesn’t say that this is per person. So my question is whether a couple with €200,000 will be fully covered if they take out a joint account, or do they need to each open a sole account for €100,000 in order to be fully protected?

If you add 'joint accounts' to your google search you should get better responses.

In particular this one , which includes examples that show it's per account holder.

Thanks. I guess I should have thought of that!

Savvy said:

If you add 'joint accounts' to your google search you should get better responses.

In particular this one , which includes examples that show it's per account holder.

Click to expand...

The examples are confusing in my opinion. I wouldn't read this as each individual joint account holder being in line for €100k compensation. It's ambiguous as presented.

2 joint account holders with a deposit of €300,000. Share of joint account per person (50:50) split

Amount of Deposit(s):€300,000
Maximum Limit:€100,000
Amount:€100,000

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But this is clearer:

Joint Accounts​

As a general rule, joint account balances will be divided equally between each account holder, unless another arrangement is in place for the account. The amount each account holder receives in respect of a joint account will be aggregated with any other balances held by that account holder. The maximum amount of compensation from the DGS will be €100,000 per person.

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Thanks Clubman

I note that you find the wording ambiguous. But the heading on the third column is as follows:

Amount protected under the DGS for each account holder.

Surely that eliminates any ambiguity?

Also, my reading of the way the DGS works is that an individual could have €100,000 or more with each of several banks and would be covered for up to €100,000 with each bank in the event of more than one of them failing.

Mind you, the Government’s ability to honour the guarantee would be severely challenged if circumstances were such that several banks failed simultaneously or in quick succession.

Homer said:

Thanks Clubman

I note that you find the wording ambiguous. But the heading on the third column is as follows:

Amount protected under the DGS for each account holder.

Surely that eliminates any ambiguity?

Click to expand...

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