Deposit Guarantee Scheme Directive
| European Union directive | |
 | |
| Title | Deposit Guarantee Directive 2014 |
|---|---|
| Made by | European Parliament and Council |
| Current legislation | |
The Deposit Guarantee Scheme Directive 2014/49 also referred to as DGS Directive or DGSD (2014/49) is a Directive in EU law that requires bank customers' deposits are guaranteed by member states up to €100,000.[1]
Contents
Article 1 says the subject matter is rules about "deposit guarantee schemes". Article 3 requires member states designate relevant authorities. Article 6 requires that the "coverage level" is €100,000 "in the event of deposits being unavailable". It also requires greater coverage for 3 months to 12 months for residential transactions, social purposes or insurance and compensation money.
This directive updates the previous directive 94/19/EC of 30 May 1994 on deposit-guarantee schemes.[2]
Article 8 requires repayment within a maximum of 10 working days, and 7 working days from 2024.
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See also
References
- ^ McGaughey, Ewan (2022). "10". Principles of Enterprise Law - The Economic Constitution and Human Rights. Cambridge University Press. ISBN 9781009045735.
- ^ "Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes". EUR-Lex. May 30, 1994.