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Deposit Guarantee Scheme |
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DEPOSIT GUARANTEE SCHEME
Law 2832/00 (Government Gazette 141/13.6.00)
In compliance with EC Directive 94/19/EC, Law 2324 (as amended by Law 2832/00) established the Greek deposit guarantee scheme, under the management of the Deposit Guarantee Fund (TEK), a legal entity of private law. The stated objective of TEK is to compensate depositors in the event that credit institutions become insolvent.
ASPIS BANK S.A. is a participant in TEK. Deposits held at ASPIS BANK, whether in euro, or in foreign currency, are therefore covered by the deposit guarantee scheme under the terms and conditions of the Law.
For the information of our customers, the main provisions of the relevant legislation are summarised below:
1. The Deposit Guarantee Fund intervenes whenever a bank becomes insolvent (i.e. whenever deposits become unavailable). Such insolvency must have been determined either by court order or by a formal decision of the Bank of Greece.
2. Maximum coverage per depositor is currently set at €100.000,00 ( Law 3714/2008,Government Gazette 231/ 7-11-2008) irrespective of: (i) the number of accounts held, (ii) the currency of denomination, and (iii) whether the account is jointly held with another person. Coverage also includes any interest that has accrued by the date the deposits became unavailable.
3. The guarantee covers the real beneficiary. In case there are more than one beneficiary, the above limit is implemented on the basis of each beneficiary's share, in accordance with the regulations governing the disposal of the deposited funds.
4. In calculating the amount of compensation payable to depositors, credit balances are offset against any counterclaims of the bank.
5. The compensation is paid in euro by the Deposit Guarantee Fund (TEK), within three months from the date the deposits became unavailable.The three months period may be expanded for another two quarters. In case of foreign currency deposits, the amount payable as above may be converted into the respective currency.
6. The following types of deposit are not eligible for TEK coverage:
a. Deposits held by credit institutions in their own name and on their own account.
b. All instruments falling considered to be “own funds”, as defined in Bank of Greece Governor’s Act No. 2587/2007 as applicable.
c. Deposits arising from transactions related to criminal convictions for money laundering or other illegal activities, as defined by the applicable legislation of Greece of other EU Member States.
d. Deposits of financial institutions, as defined in Article 2, paragraph 11, of Law 3601/2007, insurance companies and undertakings for collective investments in transferable securities (UCITS).
e. Deposits by the central government such as Ministries’ and decentralised agencies’ deposits.
f. Deposits by a credit institution’s managers, as defined in Article 5, paragraph 10, of Law 3601/2007 ,members of the board of directors, direct or indirect holders of at least five per cent (5%) of the credit institution’s capital, persons responsible for auditing the credit institution’s financial statements, and their counterparties in other companies that exercise direct or indirect control over the credit institution.
g. Deposits by close relatives (spouses and offspring) or third parties acting on behalf of the depositors referred to in f) above.
h. Deposits by companies of the same Group, as defined in Article 42e of Corporate Law 2190/1920, as applicable.
i. Negotiable certificates of deposit (CDs).
j. Bonds issued by credit institutions, and liabilities arising from own acceptances or promissory notes.
k. Liabilities arising from repurchase agreements (repos).
6. Compensation payment procedure: On the basis of data provided by the credit institution in question, TEK draws up a list of depositors entitled to compensation, , and announces how such compensation will be paid. Depositors do not need to take any action prior to this announcement.
For further information, please contact:
Name : ASPIS BANK S.A.
Address : 4, Othonos Str., Athens
Telephone : 210 3364.000
Fax : 210 3312.774
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