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Deposit Protection Update
Effectively immediately, the Irish deposit protection scheme has been increased to €100,000 (roughly £78,700) per person per institution regulated by the Irish Financial Regulator. This is great news for all Anglo Irish Bank UK savers.
What is covered under the scheme?
The Deposit Protection Scheme covers:
- current accounts;
- demand deposit accounts;
- term deposit accounts;
- share accounts with building societies; and
- share accounts and deposit accounts with credit unions
Who can claim under the scheme?
- Personal customers
- Sole traders and small businesses
- Partnerships
- Trusts
- Small companies
- Charities
- Voluntary organisations
- Accounts held in trust by solicitors (such as for personal injury awards)
How much can I claim?
- The maximum amount you can get under the scheme is €100,000 (roughly £78,700) for each bank regulated by the Irish Financial Regulator. This means that even if you have an amount greater than €100,000 in deposits with Anglo Irish Bank - for example €110,000 - you will only be entitled to a maximum of €100,000.
- Joint accounts are deemed to be two equal deposits by two depositors, and therefore can get €200,000 (approximately £157,400) in total (€100,000 each) provided they don't have sole accounts with the institution as well.
More information is available from the Irish Financial Regulator's website: www.itsyourmoney.ie