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

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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 deposit accounts held at An Post however it should be noted that An Post deposits are State Savings). The repayment of all State Saving money 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 a credit institution and liabilities arising out of own acceptances and promissory notes

Covered Institutions

institutions 1

Banks & Building Societies

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

Available Here

institutions 2

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 €100,000 for 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.