You do not need to make an application for compensation
- Compensation will be based on information provided by the liquidator appointed to the credit institution
- Payments will be made by cheque
- The Deposit Guarantee Scheme (DGS) aims to pay depositors as quickly as possible and is required to pay verified eligible depositors within twenty working days
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.