Irish Deposits

Independent, Impartial Deposits Advice

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Guarantee Scheme

Deposit Protection Schemes:

  • Deposit Guarantee Scheme (DGS)– New Directive January 2016. The deposit guarantee scheme was put in place to protect depositors in the event of a credit institution being unable to repay deposits.  This Scheme is administered and run by the Central Bank of Ireland. The Scheme is funded by the credit institutions covered by the scheme.

Deposit Guarantee Scheme


  • Deposits up to €100,000 per person per institution are protected.

  • Current accounts, deposit accounts, share accounts in bank, building society and credit unions, positive credit balances are all covered by the Scheme.

  • The new directive sets out a requirement for credit institutions to provide depositors with a ‘Depositors Information Sheet “   when opening an account and on an annual basis thereafter.  The depositor must acknowledge receipt of the Depositor Information Sheet before entering into a deposit taking contract.

  • The new Directive also sets out a requirement for credit institutions to confirm whether a deposit is eligible under the DGS eligibility status on account statements.

Common Reporting Standards

With effect from January 2016 the Common Reporting Standards comes into effect.

From 1 January 2016 alongside the current requirement to identify and confirm the status of customers from a U.S. Tax perspective under FATCA, now there is an additional requirement to identify and confirm the TAX residence status of all new and existing customers under the CRS.

A Common Reporting Standards form must now be submitted with all new applications with effect from 1st January 2016.   Any non residents must now provide all a Tax Identification Number.   Individuals and Business Entities must now complete this self- certification form under the FATCA and CRS.

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All opinions and estimates constitute best judgment at the time of publication and are subject to change without notice. This document is not to be relied upon in substitution for the exercise of independent judgment. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you.