The Deposit Guarantee Scheme (DGS) 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.
The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme.
The DGS protects:
- Depositors (i.e. credit union members) if a bank, building society and or credit union authorised by the Central Bank of Ireland is unable to repay deposits
- Eligible deposits up to €100,000 per person per institution
- Current accounts, deposit accounts, share accounts in banks, building societies and credit unions
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