Depositor Info Sheet


Depositor Info Sheet

Scheme participants must make available to depositors (and potential depositors) information about:

  • its participation in the Scheme; and
  • the exclusions from protection which apply to the Scheme.
  • Depositors must:

  • be provided with the information referred to above before entering into a deposit-taking contract
  • acknowledge receipt of that information in the depositor information sheet the form (please see template below)
  • Depositors must be provided with confirmation that their deposits are eligible deposits in their statements of account which must

  • be provided at least annually
  • be accompanied by the depositor information sheet (template below) which must identity the currency or repayment and include a reference to the Scheme’s website.
  • The information referred to above must be provided in:

  • English
  • the language that was agreed by the depositor and the Scheme participant when the account was opened
  • an official language of the EEA State in which the branch is established.
  • In the case of a merger, conversion of subsidiaries into branches or similar operations, depositors must be informed at least one month before the operation takes legal effect unless the GFSC allows a shorter deadline on the grounds of commercial secrecy or financial stability.

    Following notification of the merger, conversion or similar operation, depositors must be given a three-month period to withdraw or transfer to another credit institution, without incurring any penalty, their eligible deposits including all accrued interest and benefits in so far as they exceed the coverage level in section 24 at the time of the operation.

    If a Scheme participant withdraws or is excluded from the Scheme, it must inform its depositors within one month of such withdrawal or exclusion.

    If a depositor uses internet banking, the information required to be disclosed under this Part may be communicated by electronic means but, where the depositor so requests, it must be communicated on paper.

    A Scheme participant that operates under different trademarks must inform depositors clearly that the coverage levels apply to the aggregated deposits that the depositor holds with the Scheme participant. This information must be included in the depositor information sheet (template below)

    In any advertising or promotional materials a Scheme participant must not provide any information about the Scheme other than:

  • a factual statement as to whether the product being advertised or promoted is or is not covered by the Scheme
  • a factual description of the functioning of the Scheme
  • any further factual information which the Scheme participant is required by law to include.
  • Credit institutions must ensure that depositors are informed about any deposits or categories of deposits or other instruments which will cease to be covered by a deposit guarantee scheme from 3 July 2015.

    Depositor Information Sheet Download

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