Repayment of liabilities resulting from securities transactions

If BaFin determines that a payout event has occurred because a bank is unable to meet liabilities resulting from securities transactions, the creditors must be informed thereof without delay.

Compensation is payable in connection with securities transactions particularly if, in breach of its duties, a bank is unable to return securities owned by the customer and held in custody on the customer’s behalf. The EdB protects 90% of liabilities resulting from securities transactions, limited to the equivalent of €20,000.  

The customer must submit its claim for compensation to the EdB in writing within one year of being notified that a payout event has occurred. A claim for compensation can usually no longer be asserted once this deadline has expired. 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.  

Once the claim for compensation has been met, the depositor’s claims against the bank are transferred to the EdB. The claim for compensation becomes time-barred five years after the depositor has been notified of the occurrence of the payout event. 

Compensation is provided 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. 

Disputes about the reason for and the amount of a claim for compensation may be submitted to civil courts.

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