What is covered by the German Deposit Guarantee Act? Securities (including shares in investment funds) are not deposits. If the funds are deposited with a branch of a German credit institution in the EEA (for instance, in Italy), the Italian deposit guarantee scheme pays out the compensation once the German deposit guarantee scheme has made the funds available. (ESA) was launched as an institutional deposit guarantee scheme (DGS) under Section 1 (1) 1 of the Federal Act on Deposit Guarantee Schemes and Investor Compensation in Credit Institutions (ESAEG). 28, 10178 Berlin, Germany) or by visiting the following website: www.bankenverband.de. Cash deposits on the accounts are generally covered by the deposit guarantee scheme. You can find further information about this on the VÖB website (www.voeb.de). In addition, all credit institutions are required to inform customers at least once a year of the applicable terms for the statutory deposit guarantee, including the amount guaranteed, using a standardised information sheet. securities trading banks, financial services providers and asset management companies (website: www.e-d-w.de). Welcome to the website of the Investor Compensation Scheme The Investor Compensation Company DAC (ICCL) is the compensation fund of last resort for customers of authorised financial services firms. The Investment Compensation Scheme Directive (ICD) (Directive 97/9/EC), and the national measures implementing the Directive in the EU Member States, are regulatory mechanisms that aim to protect investors against the risk of losses in the event of an investment firm’s If BaFin deems that a compensation event has occurred in accordance with the Deposit Guarantee Act, the deposit guarantee scheme pays out compensation based on the information available to the bank about the depositor and their deposit. But in the case of voluntary schemes, customers are not legally entitled to compensation, and these voluntary schemes are not supervised by BaFin. These schemes protect customer deposits. In the event of insolvency, assets under management in securities accounts may therefore be transferred to other institutions if they do not serve as security (collateral) for amounts owed to the bank in question by the customer. The law protects deposits on current accounts and savings accounts as well as call money and time deposits. Further information is available under Data protection or Contact information and legal notice. This is intended to ensure that investors do not receive compensation in excess of the loss incurred, for instance by successfully asserting claims for damages against brokers. If a firm is in default or ceases trading the FSCS may be able to pay compensation to its customers. – VÖB) was established for public-sector banks. d) Extract from the German Deposit Guarantee and Investor Compensation Act 3. Please read the specific conditions that apply. The Investor Compensation Scheme is a rescue fund for investors that are clients of failed investment firms licensed by the Malta Financial Services Authority (MFSA). Is a member of the Luxembourg Investor Compensation Scheme (Système d’indemnisation des investisseurs, SIIL) and is regulated by the Commission de Surveillance du Secteur Financier (CSSF). As the proposal was not endorsed at EU level, the Commission decided to withdraw it … Deposits from retail customers, partnerships and corporations are covered under the Deposit Guarantee Act. Investor Compensation. The FSCS - Financial Services Compensation Scheme The Financial Services Compensation Scheme (FSCS) is the compensation fund of last resort for customers of authorised financial services firms. The directive requires EU countries to set up one or more investor compensation schemes, ensuring a minimum level of compensation per investor of €20,000. More information about the investor compensation scheme is available on the Swedish National Debt Office website under … The objective of the institutional protection schemes in place is to protect their member institutions from insolvency and liquidation and prevent compensation events from occurring at member institutions to ensure that their customers are indirectly protected against losing all their deposits. If the branch of a foreign credit institution with its registered office in the EEA (e.g., registered office of the credit institution in Austria) is located in Germany, the German deposit guarantee scheme will pay out the compensation. development banks), the Compensation Scheme of the Association of German Public Sector Banks GmbH (Entschädigungseinrichtung des Bundesverbandes Öffentlicher Banken Deutschlands GmbH – EdÖ), a subsidiary of the Association of German Public Banks (Bundesverband Öffentlicher Banken Deutschlands – VÖB), was established. For instance, if there are two names on the account (e.g., a married couple), the maximum amount is €200,000 if the account holders do not have any other deposits with the same credit institution. Your investments are protected under the German Investor Compensation Scheme. Which statutory compensation scheme or institutional protection scheme is my bank/institution a member of? through membership of an investor compensation scheme. This means that the maximum amount subject to the statutory deposit guarantee is doubled. Trading accounts made with Deutsche Kreditbank AG are covered by investor compensation scheme of Germany up to 20,000 EUR per investor. Yes. compensation for criminal injuries or wrongful conviction. ) through membership of an investor compensation scheme. If a foreign institution (EEA and other states) forms a subsidiary with its registered office in Germany, that subsidiary also becomes a member of a German statutory compensation scheme. The directive does not cover investment risk, such as when an investor has bought stocks which then fall in value. Investor Compensation Act (Anlegerentschädigungsgesetz, or AnlEntG) of 28 May 2015 in the version published in the Federal Law Gazette I of 5 June 2015, page 786 (in accordance with Article 2 of the Act Transposing Directive 2014/49/EU of the European Parliament and of the Their claim accounts and savings accounts as well as call money and time deposits savings accounts well. L-2557 Luxembourg Deutsche Kreditbank AG are covered by the customer and not the bank, which are determined in institution. Privaten Bausparkassen e.V.., Klingelhöferstr compensation from FSCS respective regulations concerning contributions the Act on the website... And forwards Act cover customer deposits of up to €500,000 for a of... 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