In some cases eligible deposits which are categorised as ‘temporary high balances’ are protected above €100,000 to the maximum limit of £1million (or the currency equivalents) for 6 months after the amount has been credited or from the moment when such eligible deposits become legally transferable.
The Gibraltar Deposit Guarantee Scheme cannot confirm the eligibility of a particular temporary high balance unless/until the bank has failed. This is because we’d need to review all of the available evidence to check that there was a sufficient connection between the relevant life event and the sums in the depositor’s account.
Eligible deposits connected with certain events to have caused a temporary high balance in your bank account might include:
Real estate transactions.
Benefits payable under an insurance policy.
Personal injury compensation.
Disability or incapacity (state benefits).
Claim for compensation for wrongful conviction.
Claim for compensation for unfair dismissal.
Redundancy (voluntary or compulsory).
Marriage or civil partnership.
Divorce or dissolution of their civil partnership.
Benefits payable on retirement.
Benefits payable on death.
A claim for compensation in respect of a person's death.
Proceeds of a deceased's estate held by their personal representative.
To prove a Depositor has held a temporary high balance evidence will be required (but not limited to) the following:
A property sale receipt or agreement.
A court judgement.
A letter from an insurer regarding an insurance payout.
A letter from a lawyer, conveyancer, mortgage provider, former employer, pension trustees.
Social security statements.
Probate/letters of administration.
Land registry records.”
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