The Deposit Guarantee Scheme Directive 2014/49 also referred to as DGS Directive or DGSD
2014/49 is a
Directive in
EU law
European Union law is a system of Supranational union, supranational Law, laws operating within the 27 member states of the European Union (EU). It has grown over time since the 1952 founding of the European Coal and Steel Community, to promote ...
that requires bank customers' deposits are guaranteed by member states up to €100,000.
Contents
Article 1 says the subject matter is rules about "deposit guarantee schemes". Article 3 requires member states designate relevant authorities. Article 6 requires that the "coverage level" is €100,000 "in the event of deposits being unavailable". It also requires greater coverage for 3 months to 12 months for residential transactions, social purposes or insurance and compensation money.
This directive updates the previous ''directive 94/19/EC'' of 30 May 1994 on deposit-guarantee schemes.
Article 8 requires repayment within a maximum of 10 working days, and 7 working days from 2024.
Further reading
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See also
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EU law
European Union law is a system of Supranational union, supranational Law, laws operating within the 27 member states of the European Union (EU). It has grown over time since the 1952 founding of the European Coal and Steel Community, to promote ...
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UK enterprise law
British enterprise law concerns the ownership and regulation of organisations producing goods and services in the UK, European and international economy. Private enterprises are usually incorporated under the Companies Act 2006, regulated by co ...
References
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European Union directives
European Union financial market policy
Deposit insurance