What is the deposit guarantee scheme?

The DGS is a scheme established under Irish and European legislation to protect depositors in the event of a bank, or credit union authorised in Ireland being unable to repay deposits (e.g. where a liquidator has been appointed).

The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme. The DGS protects eligible deposits up to a limit of €100,000 per person in the credit institutions covered by the Scheme. The Irish DGS covers deposits in branches of credit institutions authorised in Ireland. You do not have to be resident in Ireland or be an Irish citizen to be eligible for DGS compensation.

For further information please see www.depositguarantee.ie.