Nothing. We will pay you back your money according to the account information received from your Credit Institution, subject to you meeting the necessary requirements. Any eligible compensation will generally be made available without it being necessary for you to make a request. There may be circumstances when you need to contact us regarding compensation and some of these are detailed below.

We cover Credit Institutions authorised by the Gibraltar Financial Services Commission (“GFSC”). A list of these authorised Credit Institutions banks can be found on the GFSC’s website (see ‘links ’ page). At least annually, your Credit Institution is required to inform you whether your account is covered by the Scheme, as well as on the opening of a bank account, and should also send you an information sheet describing the level and extent of protection.

The maximum amount for compensation is Eur 100,000 per depositor, irrespective of the number of accounts held at that Credit Institution and the different currencies these are held in.

All currencies are covered and will be converted accordingly at the applicable rate of exchange. All eligible accounts at the same Credit Institution will be aggregated and the limit for compensation applied. Any compensation will be paid in GBP.

The length of time a claim takes to process will depend on a number of factors, some of which are entirely outside our control. Some of this may be driven by the type and complexity of the claim and the level of extra information required following the receipt of initial information.

By 1 January 2024, the Scheme is obliged to pay compensation within 7 business days from the date when a Credit Institution has been declared in default because it is unable to repay depositors. However, given the infancy of this specific Scheme, repayment deadlines will be gradually reduced from 20 working days to 7 working days in phases:

• 20 working days until 31 December 2018


• 15 working days until 31 December 2020


• 10 working days until 31 December 2023


• 7 working days as from 1 January 2024

Until 31 December 2023, if we can’t make the compensation payable within 7 working days we will ensure that, upon request, within 5 working days depositors have access to an appropriate amount of their covered deposits to cover cost of living. This amount will then be deducted from the compensation payable to the depositor.

Yes, there may be circumstances when payment needs to be deferred. However, ordinarily, the payment of compensation will be made within the timeframes detailed above.

Payment of compensation may be deferred when:

• it’s uncertain whether a person is entitled to receive any compensation or the deposit is subject to a legal dispute or investigation e.g. money laundering;
• the deposit is subject to restrictive measures imposed by a national government or international body;
• the account is dormant – there has been no transaction relating to the deposit in the last 24 months and where the value of the deposit is lower than the administrative costs that would be incurred by the FSRCC had repayment taken place;
• the amount to be repaid is deemed to be part of a deposit;
• the amount to be repaid is to be paid by the DGS of an EEA State;
• for trust accounts, when further details are required; or
• temporary high balances ('THB') exist.

We will, if requested by the depositor, give reasons for any decision not to pay compensation to a depositor.

Joint account balances will be divided equally between each account holder, unless another arrangement is explicitly in place for the account. The amount each account holder receives in respect of a joint account will be aggregated with any other balances held by that account holder.