Informative leaflet on the deposit guarantee scheme
| Deposit in Jordan Ahli Bank are protected by | Deposit Guarantee and Resolution of Credit and other Institutions Scheme (DGS) |
| Limit protection | EUR 100,000 per depositor per credit institution (1) |
| If you have more deposits at the same credit institution | All your deposits at the same credit institution are -aggregated- and the total is subject to the limit of EUR 100,000 (1) |
| If you have a joint account with other person(s) | The limit of EUR 100,000 applies to each depositor separately (2) |
| Reimbursement period in case of credit institution’s failure | 7 working days (3) |
| Currency of reimbursement | Euro |
| Contact | 80 Kennedy Avenue, 1076 Nicosia, Tel.22-714100 email: cbcinfo@centralbank.cy |
| More information | https://www.centralbank.cy/en/deposit-guarantee-investors-compensation-schemes/deposit-guarantee-and-resolution-of-credit-and-other-institutions-scheme |
(1) Your credit institution is part of an Institutional Protection Scheme officially recognized as a Deposit Guarantee Scheme. This means that all institutions that are members of this scheme mutually support each other in order to avoid insolvency. If insolvency should occur, your deposits would be repaid up to EUR 100 000.
If a deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by the Deposit Guarantee Scheme. This repayment covers at maximum EUR 100 000 per credit institution. This means that all deposits at the same credit institution are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with EUR 90 000 and a current account with EUR 20 000, he or she will only be repaid EUR 100 000.
(2) In case of joint accounts, the limit of EUR 100,000 applies to each depositor.
However, deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of EUR 100,000.
In some cases deposits are protected above EUR 100,000. More information can be obtained under https://www.centralbank.cy/en/deposit-guarantee-investors-compensation-schemes/deposit-guarantee-and-resolution-of-credit-and-other-institutions-scheme
(3) Set-off
For the purposes of calculating the repayable amount, the credit balances of the deposit accounts are set off with all kinds of counterclaims that the credit institution has against the depositor, to the extent that these have fallen due on or before the date on which the deposits become unavailable, if such set off is permitted in accordance with the statutory and contractual provisions of the contract between the credit institution and the depositor. For example, a depositor who has a deposit of €75.000 and a loan instalment of €5.000 which has fallen due, will be repaid by €75.000 minus €5.000, that is €70.000, in case of activation of the DGS.
(4) Reimbursement.
The responsible Deposit Guarantee Scheme is the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme (DGS), 80 Kennedy Avenue, 1076 Nicosia, Tel. 22714100, https://www.centralbank.cy/en/deposit-guarantee-investors-compensation-schemes/deposit-guarantee-and-resolution-of-credit-and-other-institutions-scheme ; it will repay your deposits up to EUR 100,000.00 within 7 working days at the latest.
If you have not been repaid within these deadlines, you should contact the DGS since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under: https://www.centralbank.cy/en/deposit-guarantee-investors-compensation-schemes/deposit-guarantee-and-resolution-of-credit-and-other-institutions-scheme
Other important information
In general, all retail depositors and businesses are covered by the DGS; exceptions for certain deposits are stated on the website, of the DGS. Jordan Ahli Bank will also inform you on request whether certain products are covered or not.
