Deposit guarantee

The Bank Deposit Guarantee Fund is the only institution in Romania that has the task of guaranteeing the deposits set up with the credit institutions participating in the Fund, as well as of guaranteeing the deposits set up with the credit institutions participating in the Fund, as well as of pay compensation to secured depositors, within the limit of the guarantee ceiling and other conditions established by law, when deposits become unavailable.

The Bank Deposit Guarantee Fund guarantees deposits, in any currency, with credit institutions participating in the Fund, within the limits and conditions provided by law. Exceptions to the payment of compensation are deposits falling within the unsecured categories, as shown in the list of deposits excluded from guarantee, according to provisions of Law 311/2015 on deposit guarantee schemes and deposit guarantee fund Bank.

Deposits held by natural or legal persons with the institutions participating in the Fund are guaranteed by law by the Bank Deposit Guarantee Fund within the limit of 100,000 euro, in lei equivalent.

Deposits made up by individuals resulting from:

• real estate transactions relating to immovable property for residential purposes;
• the event of retirement, dismissal, from the situation of invalidity or death of the depositor;
• collection of insurance indemnities or compensation for damage resulting from criminal offences or for wrongful convictions.

They are covered over the equivalent in lei of the amount of 100,000 euros, for a period of 12 months from the date on which the amount was credited to the bank's account or from the date on which the deposits can be legally transferred to another credit institution.

The classification of the amounts in the three categories mentioned above is made on the basis of documents justifying submitted by the customer to the bank.

If deposits with a credit institution participating in the Fund become unavailable, the FGDB will ensure the payment of compensation, within the limit of the guarantee ceiling. The payment of compensations is made only in lei.

By compensation, according to the law, is meant the amount that the Fund pays to each depositor guaranteed for unavailable deposits, regardless of their number, within the limit of the guarantee and under the conditions provided by Law 311/2015 on deposit guarantee schemes and the Fund guaranteeing Bank Deposits.

The level of compensation is calculated as follows: from the sum of all the covered deposits that it is the person holds them at the respective credit institution (at the time when they became unavailable) subtract the total amount of debts outstanding which he has so far owed to the credit institution.

Payment of the Compensation shall be made in national currency, irrespective of the currency of the warehouse(s).

The deadline for starting the payment of compensation is 7 working days from the date when deposits have become unavailable.

The document "DEPOSITOR INFORMATION" includes the "list of deposits excluded from guarantee" and the "form for information provided to depositors" according to with the provisions of Law 311/2015 on deposit guarantee schemes and the Guarantee Fund Bank Deposits.