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Adoption third round of amendments to the Policy Rules for the Deposit Guarantee Scheme
Published: 01 December 2022
On the 1st of December, DNB has published the final amendments to the two Policy Rules enabling a timely payout by the Deposit Guarantee Scheme (DGS). These amendments have been put up for public consultation in the fall of 2022. The amendments will be published in the Government Gazette. Herewith, the third round of amendments to the DGS Policy Rules is finalized.
The DGS Policy Rules consist of the Single Customer View Policy Rule (SCV Policy Rule), the Policy Rule on the Scope and Execution of the Deposit Guarantee Scheme and the Regulation on Statements of Financial Undertakings under the Financial Supervision Act 2011 (Statements Regulation). This set of rules enables the reduction of the DGS payout period to seven working days.
Third round of amendments
The amendments and additions have been made in response to questions raised by banks and DNB’s wish to provide further clarification of a number of specific situations involving the DGS, partly raised by the first insights gained from the recent DGS-payout for the insolvency of Amsterdam Trade Bank N.V.
The amendments of the SCV Policy Rule concern (i) clarification of the way in which banks must protect foreign personal data in reports, (ii) the deposit base that DNB uses under various circumstances to determine the levies that banks are required to pay for the deposit guarantee scheme, (iii) the removal of the marking relating to convictions for money laundering, and (iv) the guarantee that banks will report dormant accounts in the SCV files and mark these accounts accordingly. The amendments of the Policy Rule on the Scope and Execution of the Deposit Guarantee Scheme concern (i) a change in the identification options for depositors of escrow accounts, (ii) introducing a provision on the treatment of accounts of deceased account holders, and (iii) clarifying the definition of a working day.
On the webpage ‘Single Customer View’, you will find the adoption document, containing the outcome of the public consultation process that took place in the fall of 2022. The practical documents, such as the DGS Data Delivery Manual and the Data Delivery Agreement (GLO) will be adjusted in cooperation with the sector, to ensure that these documents are in line with the amendments.
You can find the adoption document with the consultation response on: Single Customer View - De Nederlandsche Bank (dnb.nl)
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