Press release from the Ministry of Finance: Coverage under Deposit Guarantee Scheme to stay at EUR 100,000
News
| Date | 11 March 2009 |
In October last year the minimum level of coverage under the deposit guarantee scheme was temporarily increased to EUR 100,000 until October 2009. Minister Wouter Bos announced today that the compensation limit under the scheme would remain at EUR 100,000 per depositor per bank after October.
On 7 October 2008, the Netherlands temporarily increased the coverage under the deposit guarantee scheme to EUR 100,000. This measure was to apply for one year, until October 2009. The European Ministers of Finance recently adopted an amendment to the directive on deposit guarantee schemes (Directive 94/19/EC) providing that all Member States are obliged to provide minimum protection of EUR 100,000 as of 31 December 2010.
In the period from October 2009 to 31 December 2010 Member States are free to set a different level of coverage, as long as it is no lower than EUR 50,000. In view of the continuing turbulence in the financial markets, the Minister of Finance has decided not to adjust the coverage level under the Dutch deposit guarantee scheme in this period.
Your savings deposits are guaranteed to an amount of EUR 100,000 euro per account holder per bank, provided that the bank is covered by the deposit guarantee scheme. The Minister decided in October 2008 to temporarily increase the maximum compensation to EUR 100,000 per depositor per bank. On 10 March 2009 this arrangement was extended to end-2010. A European guarantee scheme, also providing minimum protection of EUR 100,000, will come into effect on 31 December 2010.
