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Deposit protection scheme (Garantiformuen)
New rules of coverage with effect from 1 June 2015
Garantiformuen covers amounts deposited on accounts with financial institutions up to the equivalent of EUR 250,000 (approx. DKK 750,000) in the event that the financial institution goes bankrupt.
If you have loans with the same financial institution which have fallen due for payment, the amount owed by you will be deducted from your deposits before you receive coverage from Garantiformuen.
Deposits which pursuant to legislation have social objects e.g. industrial injury compensation or personal injury compensation or compensation from Lønmodtagernes Garantifond etc. (see the full list at www.finansielstabilitet.dk) are covered up to EUR 150,000 (approx. DKK 1 million) for a maximum of six months as from the date at which they were deposited on the account.
Deposits as a result of transactions relating to real property which have in particular been used or should be used for purposes other than commercial purposes will be covered up to an amount equivalent to EUR 10 million (approx. DKK 75 million) for up to 12 months as from the time when the amount was deposited on the account.
Deposits on pension accounts are fully covered without limitation.
Who is covered?
Garantiformuen covers personal and commercial clients.
In case of more account holders of an account, these are regarded as several depositors. Deposits on the account are shared between the account holders and included in the calculation of the amount guaranteed for every depositor by Garantiformuen.
Certain special client types, including public authorities and financial companies, are not covered by Garantiformuen.
The bankruptcy proceedings of a financial institution will not affect the delivery of securities held on own custody accounts, e.g. at the Danish Securities Centre. If the financial institution cannot deliver the securities, Garantiformuen will cover up to EUR 20,000 per investor.
What is not covered?
Garantiformuen does not cover guarantee obligations, cheques and securities – including shares, capital notes, guarantee certificates and bonds – issued by the financial institution itself.
Special deposits made before 1 June 2015
Special deposits made as at 31 May 2015 are covered without limitation by the balance on the account as at 31 May 2015. For pension accounts, however, also deposits made after 31 May 2015 are covered without limitation.
Therefore, you must be aware that if you have, for instance, opened a child savings account, only the balance on the account as at 31 May 2015 will continue to be fully covered. Deposits on the account after 31 May 2015 are covered as ordinary deposits, yet, deposits invested in pools are not covered.
What to do if payments are to be made from Garantiformuen?
Immediately after the bankruptcy of the financial institution you will be given general information about the bankruptcy proceedings, and you will as soon as possible receive a list of the total amount owed to you by the financial institution and instructions describing how to proceed.
Read more about Garantiformuen's rules of coverage at www.gii.dk or contact your usual relationship manager.