Comments on: Summary of Deposit Guarantees in Ireland

By: john

john — Tue, 14 Sep 2010 14:11:35 +0000

Hi, I understand ICS is part of the Bank of Ireland Group. Are Bank of Ireland and ICS treated as 2 separate entities for the purpose of the Deposit Protection Scheme? So if you have more than 100k on notice can you split it between the two and still be covered? BofI are telling me this is the case but would like confirmation. Thanks

By: Money Saving Expert

Money Saving Expert — Fri, 03 Sep 2010 13:44:13 +0000

Roger – The “Investor Compensation Scheme ” is a separate private scheme to provide adequate funds out of which eligible investors of failed investment firms are compensated.
The scheme is not for cash deposit accounts – but is in place to cover other types of of investment instruments, when sold by investment firms. These instruments include:

* public and private company shares;
* units in collective investment schemes;
* life insurance policies (including unit-linked funds);
* non-life insurance policies;
* tracker bonds; and
* futures and options.

Cash deposits with Investec are covered by the The UK FSA Financial Services Compensation Scheme;100% of the first £50,000 per person

By: Roger

Roger — Fri, 03 Sep 2010 13:23:56 +0000

The Investec ‘Terms of Business’ indicates the following for Investec Ireland:
“Where an entitlement to compensation is established under the Investor Compensation Scheme, the amount of compensation payable to each eligible investor will be limited to 90% of the amount lost, as determined by the administrator of the Investor Compensation Scheme, capped at €20,000.”

Your web site indicates
“The UK FSA Financial Services Compensation Scheme;100% of the first £50,000 per person.”

Can you clarify which is correct for depositors in Investec Ireland? Thanks.