Questions and answers

Questions and answers regarding the EdB

CRR credit institutions with a private legal structure, i.e. private banks and building and loan associations (Bausparkassen), which have a German banking licence and conduct deposit business are assigned to the EdB. You can view a list of banks currently assigned to the EdB here
In this case, please check first if you entered the full name of the bank. If the bank you are looking for does not appear on the list under its full name, it is not affiliated to the EdB. If the bank you are looking for is a savings bank, a cooperative bank, a public bank or a private building and loan association, please contact the following associations for information on deposit protection:
If the bank you are looking for is a branch of a foreign bank, we unfortunately cannot give you any information on the level of deposit protection. In this case, please contact the relevant national compensation scheme, e.g.
Deposits held with a dependent branch abroad (e.g. Aareal Bank AG (Dublin Branch) or ING DiBa Direktbank Austria) are covered up to the German protection limit irrespective of the depositor’s nationality.
Depositors are entitled to compensation irrespective of the currency in which their deposits are denominated. Compensation is, however, paid in euros. If accounts of a depositor are held in a currency other than euros, the European Central Bank reference rate applying on the day when BaFin determines that a payout event has occurred is taken as the exchange rate.
In accordance with Section 7 (2) of the German Deposit Guarantee Act (EinSiG), compensation up to the limit of EUR 100,000 also covers interest claims. Such claims arise from the time a payout event occurs until repayment of the liabilities, and until the opening of insolvency proceedings at the latest. The condition for this is that the customer is legally entitled to payment of interest on deposits.
No, since certificates are bearer debt instruments which the EdB does not cover.
The EdB does not protect securities, and there is no reason for it to do so. Securities accounts are merely held in custody by the bank but remain the property of the customer. If their bank fails, customers can have their securities account transferred to a different bank provided their bank does not have any liens on the account. They can thus also request release of the securities belonging to them at any time during a moratorium as well. The bank is allowed to meet this request despite the ban on sales and payments, as it is not prevented from releasing assets that do not belong to it.
Claims for repayment of deposits are limited to the equivalent of EUR 100,000 per customer. In accordance with Section 7(4) of the German Deposit Guarantee Act (EinSiG), the coverage level is based in such cases on each account holder’s relative share. In the absence of any special provisions, the deposits are attributed to the account holders in equal parts. When calculating the level of coverage, any individual accounts held by the spouses are taken into consideration.
Accounts held by German civil-law partnerships are not deemed to be joint accounts of the partners but joint accounts of the partnership. Such civil-law partnerships thus have a claim for compensation of their own, limited to EUR 100,000.
Claims for repayment of deposits are limited to the equivalent of EUR 100,000 per depositor. In accordance with Section 7 (5) of the German Deposit Guarantee Act (EinSiG), each condominium owner’s share of an account operated in the name of an association of condominium owners is protected up to the statutory limit. The claim for compensation is thus calculated for every single condominium owner proportional to their share of co-ownership, taking into account any other deposits held by such condominium owner that may be protected. If some condominium owners have already received compensation for their individual protected deposits, this fact is taken into account when calculating the association of condominium owners’ aggregate claim and the amount of the claim may be capped accordingly. In the event of a payout, the representative of the association of condominium owners is notified thereof. Claims for compensation must be met by the EdB within three months of the date on which it is determined that a payout event has occurred. The EdB has to request the information needed for compensation purposes from the association of condominium owners’ representative, to check this information, to calculate the amount of compensation and then pay it to the association of condominium owners.
The coverage amount for trust accounts that an account holder has established for a third party is geared not to the account holder but to the third party as the depositor, provided the trust relationship is clearly identifiable as such.
A moratorium is a ban on sales and payments within the meaning of Section 46 (1), sentence 2, numbers 4-6 of the German Banking Act (KWG) that is imposed by the competent German supervisor, the Federal Financial Supervisory Authority (BaFin). It prevents a bank from accepting and paying out funds. The bank is only allowed to accept payments intended to discharge debt.
The EdB has to meet claims for compensation in accordance with Section 14 (3) of the German Deposit Guarantee Act within seven working days after it is determined that a payout event has occurred. Depositors do not have to officially apply for compensation.Amounts that are subject to a temporarily higher coverage level must be substantiated separately in writing by the depositor, who is required to provide proof of the facts supporting the claim. The EdB must repay such amounts within seven working days of receipt of their registration and their substantiation. The EdB must examine claims entered for repayment of liabilities resulting from securities transactions without delay and meet these no later than three months after establishing the eligibility and amount of such claims. The customer must enter the claim for compensation with the EdB in writing within one year of being notified that a payout event has occurred.
The EdB levies annual contributions on its member banks which flow into a special fund that is used to make payments to depositors when a payout event occurs. Details of the collection of contributions are set out in the EdB’s Contributions Regulations. The EdB is required by law to invest the funds accumulated for compensation purposes with a view to diversifying the risk in a way that ensures the greatest possible safety and adequate liquidity of the invested assets, while earning a reasonable return.

 

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