What We Cover (2024)

In general, the Deposit Guarantee Scheme (DGS) protects deposits belonging to individuals, companies, partnerships, clubs and associations.

It excludes public authorities, insurers, pension funds, collective investment schemes, banks and certain other financial institutions. The Irish DGS protects deposits held at Irish and EU branches of credit institutions authorised in Ireland. You do not have to be resident in Ireland or be an Irish citizen to be eligible for DGS compensation. Deposits held with credit institutions that are authorised in another European Economic Area Member State are covered by that country’s deposit guarantee scheme.

Protected

  • Individuals
  • Sole Traders
  • Partnerships
  • Clubs, associations, schools and charities
  • Companies
  • Funds held in trust or in client accounts by solicitors and other professionals may be eligible if the underlying beneficiaries are eligible in their own right
  • Small self-administered pensions

What We Cover (3)

What We Cover (4)

Not Protected

  • Banks, credit unions and building societies
  • Persons charged (pending a court decision) or convicted of money laundering offences
  • Financial Institutions
  • Investment Firms
  • Deposit Accounts held with An Post - the Deposit Guarantee Scheme does not cover accounts held at An Post. However it should be noted that deposits held in the Post Office Savings Bank (POSB) are State Savings and repayment is a direct, unconditional obligation of the Irish Government. Further information on State Savings can be found at statesavings.ie
  • Depositors who have never been identified in accordance with anti-money laundering legislation
  • Insurance and Reinsurance undertakings
  • Collective Investment undertakings
  • Public Authorities
  • A pension scheme or retirement fund (other than a small self-administered pension scheme)
  • Debt Securities issued by acredit institution and liabilities arising out of own acceptances and promissory notes

Covered Institutions

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Banks & Building Societies

Banks covered by the DGS are listed in Section 1 of the Credit Institutions Register.

Available Here

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Credit Unions

Credit Unions covered by the DGS are listed in the Register of Credit Unions.

Available Here

Protected Deposits

A deposit means a credit balance on an account with a bank, building society or credit union that must be fully repaid. The following is a list of deposit types that may be considered eligible for Deposit Guarantee Scheme (DGS) compensation:

  • Current accounts
  • Saving accounts
  • Demand deposit accounts
  • Notice deposit accounts
  • Fixed-term deposit accounts
  • Share accounts in a building society or credit union
  • Deposit element of structured deposits/tracker bonds may also be eligible if the deposit element is repayable at par

What you need to know

How are the accounts of sole traders treated by the DGS?

Sole traders with both personal and business accounts at a credit institution (which are eligible for DGS compensation) will be issued with one payment up to a limit of €100,000.

How are the accounts of partnerships treated by the DGS?

If a depositor has personal accounts with a liquidated credit institution and also holds a business partnership account, the DGS will treat the business and personal accounts separately.The depositor (partner) will receive a separate cheque up to the limit of €100,000for their personal accounts.Compensation for the business account will be paid separately to the partnership, up to a limit of €100,000.

Are pensions/retirement funds covered by the DGS?

The DGS does not protect pension schemes or retirements funds other than Small Self- Administered Pension (SSAP) schemes. Non SSAP personal pensions and retirement funds e.g. Active Retirement Funds (ARFs) are considered investment products so are not covered by the DGS.

Are tracker bonds covered by the DGS?

The DGS does not protect pension schemes or retirements funds other than Small Self- Administered Pension (SSAP) schemes. Non SSAP personal pensions and retirement funds e.g. Active Retirement Funds (ARFs) are considered investment products so are not covered by the DGS.

I have €500,000 in my current account that I believe qualifies as a temporary high balance. In the event of a DGS invocation would I have to apply for compensation?

In the event of a DGS invocation, the DGS will make temporary high balance (thb)claim forms available on this website.

What We Cover (2024)

FAQs

What is cover in a sentence? ›

: to put something over, on top of, or in front of (something else) especially in order to protect, hide, or close it. [+ object] The gardener covered the soil with mulch. The furniture had been covered in a protective cloth. Be sure to cover the pot.

What does it mean to cover someone? ›

to provide an excuse for someone, or an explanation for something that has gone wrong: She would cover for her brothers when they came in late. (Definition of cover for someone from the Cambridge Academic Content Dictionary © Cambridge University Press)

What does cover mean in Collins? ›

1. verb. If you cover something, you place something else over it in order to protect it, hide it, or close it.

What is the vocabulary of cover? ›

cover verb (PLACE OVER)

to put or spread something over something, or to lie on the surface of something: The light was so bright that I had to cover my eyes. Snow covered the hillsides. cover someone with something She covered him with a blanket.

What is cover used for? ›

to place something over or upon, as for protection, concealment, or warmth. to provide with a covering or top: Cover the pot with a lid. to protect or conceal (the body, head, etc.)

Why do we use cover? ›

Cover also provides protection against the wear caused by vehicle traffic on the roads or bridges and protection for steel against fire damage (ACI 216.1). During fire, concrete cover protects the reinforcement from reaching high temperatures too quickly.

What does cover mean in text? ›

noun. a text that conceals an encoded message.

What is the meaning of cover for? ›

Also, cover up for . Conceal a wrongdoing or wrongdoer, as in Bill was supposed to be on duty but went to a ballgame and Alan agreed to cover for him or I covered up for my friend when her mother called to find out where she was . [1960s] Also see cover up , def.

What cover me means? ›

Whoever says "cover me" is asking you to watch his back as he moves out of cover. This would generally mean using suppressive fire on enemy positions, or targeting any enemies that would have a shot at the soldier who is moving leaving cover.

What kind of word is cover? ›

noun. a piece placed over an open container to hold in, protect, or conceal its contents where's the cover for the cookie jar?

What does got you covered mean? ›

: to have done, gotten, or provided whatever is needed : take care of everything. Don't worry about a thing. We've got you covered. You don't need to buy soda for the party. We've already got that covered.

What does I'll cover it mean? ›

It means what you say or I'll handle it." I"I'll cover it" is often used in relation to money. You can "cover someone's losses", meaning you pay their debts, or you can "cover the check" meaning you'll pay the restaurant bill. November 29, 2014. 0. 0.

What does the root word cover mean? ›

We'll start by uncovering the etymology of the verb cover in its uses of, literally and figuratively, putting something over or against something else in order to protect, hide, or enclose: it originated in early Middle English and is derived from Anglo-French covrir and Latin cooperire, a combination of the prefix co- ...

What does it mean to cover completely? ›

enclose or enfold completely with or as if with a covering. verb. put something on top of something else. “cover the meat with a lot of gravy” synonyms: overlay.

What does it mean to cover someone at work? ›

From Longman Dictionary of Contemporary Englishcover for somebody phrasal verb1 to do the work that someone else usually does, because they are not there Who's covering for you while you're away?

What is a short sentence for cover? ›

They tried to convert us to their way of thinking. The missionaries converted the native people to Christianity. He converted to Islam.

What does have cover mean? ›

informal. : to have done, gotten, or provided whatever is needed : take care of everything. Don't worry about a thing. We've got you covered.

How do you use cover for someone in a sentence? ›

Meaning of cover for someone in English

For the past four months, his staff have been covering for him. Classroom assistants cannot be used to cover for absent teachers. Some companies train an extra worker to cover for others who are on holiday or sick leave. Stan is going to cover for me when we're gone.

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