Deposit Protection Act
| Basic data | |
|---|---|
| Title: | Deposit Protection Act |
| Abbreviation: | EinSiG |
| Type: | Federal law |
| Scope: | Federal Republic of Germany |
| Legal matter: | Deposit insurance |
| References : | 7610-20 |
| Issued on: | May 28, 2015 ( BGBl. I p. 786 ) |
| Entry into force on: | 3rd July 2015 |
| Last change by: |
Art. 95 G of November 20, 2019 ( Federal Law Gazette I p. 1626, 1684 ) |
| Effective date of the last change: |
November 26, 2019 (Art. 155 G of November 20, 2019) |
| GESTA : | B030 |
| Please note the note on the applicable legal version. | |
The German Deposit Protection Act ( EinSiG ) of May 28, 2015 regulates the minimum requirements for the deposit protection of German credit institutions and in particular grants the investor creditor protection for bank balances of up to 100,000 euros per investor and institution. It came into force on July 3, 2015.
prehistory
The Deposit Guarantee and Investor Compensation Act (EAEG) harmonized with effect from August 1, 1998 for the first part of the deposit protection in the EU Member States . The new European Deposit Protection Directive of 2014 aims to achieve maximum harmonization.
With the law to implement this new deposit protection guideline, the term Deposit Protection and Investor Compensation Act (EAEG) was replaced by the term Investor Compensation Act (AnlEntG) on July 3, 2015 and an independent Deposit Protection Act (EinSiG) was passed. Since then , the AnlEntG has been in force for liabilities from securities transactions ; the statutory regulations on deposit protection are contained in the new EinSiG.
content
The EinSiG provides for two types of security facilities, namely
- Statutory compensation institutions : The EinSiG provides for two statutory compensation institutions, one for credit institutions under private law and one for credit institutions under public law, which only compensate depositors in the event of a bank's insolvency ( compensation scheme of German banks , compensation scheme of the Federal Association of Public Banks in Germany ) and
- Institution- related protection systems , which focus on supporting the affiliated institutions and which can be recognized as deposit protection systems upon application. The institute protection schemes of the DSGV ( protection schemes of the Sparkassen-Finanzgruppe ) and the BVR ( BVR Institutssicherung ) have received their recognition as deposit protection systems from the responsible BaFin and are therefore fully subject to supervision by BaFin under the EinSiG.
There will be significant changes for the institutions providing security in the German banking industry. Overall, the level of protection for depositors is further improved. On this basis, German deposit insurance remains anchored nationally. The deposit guarantee systems must ensure that their available financial resources amount to at least a target level of 0.8 percent of the covered deposits of the credit institutions belonging to them by the end of July 3, 2024 ( Section 17 EinSiG). BaFin is responsible for overseeing the deposit guarantee system ( Section 50 (1) EinSiG).
Credit institutions
As addressees apply CRR-credit institutions and branches of foreign banks . According to Section 1 EinSiG, they must secure their deposits by belonging to a deposit guarantee system. According to Section 2 (1) EinSiG, deposit guarantee systems are statutory compensation schemes and institution-related guarantee systems.
Secured deposits
According to Section 2 (3) EinSiG, deposit protection is subject to all deposits, i.e. bank balances that result from amounts posted to an account in the context of banking transactions and are to be repaid by the institutions on the basis of contractual conditions. The deposit protection actually covers all savings , schedule and demand deposits and denominated in the name of savings bonds . As deposits also apply liabilities from securities a bank transactions, provided that the liabilities of the bank consist in the customer possession or ownership of money to give. Deposits in foreign currencies are also covered , with compensation being granted in euros .
Unsecured deposits
According to Section 2 (3) EinSiG, unsecured deposits include, in particular, assets that are not repayable at face value or can only be repaid under a guarantee or agreement provided by the bank or a third party . Since metal accounts are repayable at the metal value or market value , they are not subject to deposit protection. Other unsecured deposits counts § 6 EinSiG to conclusion, in particular deposits from the interbank trading , own funds , deposits of money laundering , deposits of insurance companies and reinsurance companies , deposits of investment firms , pension and retirement funds , deposits of public authorities ( federal government , states , municipalities , public Administration ) or bonds of the credit institution. Bearer bonds and certificates are also not subject to deposit insurance.
Compensation event
According to Section 10 (1) EinSiG, the compensation event occurs if the Federal Financial Supervisory Authority (BaFin) determines that a credit institution is initially unable to repay deposits due for reasons that are directly related to its financial position and currently has no prospect of repayment exists that the credit institution will be able to do so in the future. In the event of compensation being paid, the depositor's claim against the credit institution is transferred to the deposit guarantee system by way of the legal session ( Section 16 EinSiG).
Goals of the law
In accordance with Section 5 (1) EinSiG, the EinSiG gives the depositor a legal right to compensation in the event of compensation. The law protects according to § 8 Abs. 1 EinSiG
- 100% of the deposits, a maximum of the equivalent of 100,000 euros ( coverage amount )
- 90% of the liabilities from securities transactions, a maximum of the equivalent of 20,000 euros
per customer and per institute.
On the one hand, in the event of compensation, the payout period is shortened from 20 to seven banking days . On the other hand, the deposit guarantee systems are now subject to broader information obligations, which are intended to enable depositors to obtain better information about the existing deposit guarantee.
Individual evidence
- ↑ Directive 2014/49 / EU of the European Parliament and of the Council of April 16, 2014 on deposit guarantee schemes (new version) OJ. L 173/149 of June 12, 2014
- ↑ Law for the implementation of Directive 2014/49 / EU of the European Parliament and of the Council of April 16, 2014 on deposit guarantee systems (DGSG Implementation Act) of May 28, 2015, Federal Law Gazette I p. 786
- ^ Deutsche Bundesbank, Deposit Protection in Germany , Monthly Report December 2015, p. 59
- ↑ Deutsche Bundesbank, Deposit Protection in Germany , Monthly Report December 2015, p. 56
