The truth about deposits

Euro Currency Bank Notes

Following various publications and announcements of banking officials about the coverage of deposits in Greece held by the Hellenic Deposit and Investment Guarantee Fund (HDIGF) by account and not by depositor, the following has to be clarified:

According to the provisions of article 2 of Law 3746/2009, the coverage for the aggregate deposits of each depositor, held by a HDIGF participating credit institution amounts to a maximum of EUR 100,000 (one hundred thousand euro). The aforesaid coverage should include any interest accrued up to the date on which the deposits become unavailable. Compensation is paid in euro and applies for the aggregate deposits of each depositor held by the same credit institution, irrespective of the number of accounts (personal or joint), the currency of denomination or the country where the branch of the credit institution with which the deposit is held operates. In case of joint accounts opened in the names of two or more persons, each depositor’s share is deemed a separate deposit and is covered up to EUR 100,000.

So if depositor A and depositor B hold a joint account of 200.000 euro, they will be compensated with the amount of 100.000 euro each. If the abovementioned compensation by account was valid, then the total compensation would be 100.000 euro for the joint account, and each depositor would be compensated only with the amount of 50.000 euro.


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