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Business Brief: Deposit Guarantee Scheme (DGS)

Jan, 2018

The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits.

The DGS is part of the Central Bank of Ireland’s strategy to ensure that the best interests of consumers of financial services are protected. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme.

So, who and what does the DGS protect?

  • Depositors in the event of a bank, building society and or credit union authorised by the Central Bank of Ireland being unable to repay deposits
  • Up to €100,000 per person per institution
  • Current accounts, deposit accounts, share accounts in banks, building societies and credit unions

Sole traders with both personal and business accounts at a credit institution (which are eligible for DGS compensation) will be issued with one payment up to a limit of €100,000.

If a depositor has personal accounts with a liquidated credit institution and also holds a business partnership account, the DGS will treat the business and personal accounts separately. The depositor (partner) will receive a separate cheque up to the limit of €100,000 for their personal accounts. Compensation for the business account will be paid separately to the partnership, up to a limit of €100,000.

The DGS is activated where it has been determined that a credit institution is unable to repay its deposits. Compensation payments for eligible deposits up to €100,000 are automatically sent to depositors. Depositors will not need to go anywhere or contact anyone to claim their money back. Payments will be made by cheque and sent to the last address held by the credit institution.

For more information on the Deposit Guarantee Scheme, please visit

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