The legal framework that supports the Deposit Guarantee Scheme is:
- EU Directive on Deposit Guarantee Schemes (2014/49/EU)
- European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015)
- Financial Services (Deposit Guarantee Scheme) Act 2009, as amended
The DGS legal framework sets out provisions such as:
- DGS eligibility criteria;
- Covered Institutions;
- Exclusions from DGS coverage;
- Financing of the DGS;
- Determination of the DGS repayable amount and repayment periods; and
- Cooperation with member states in the European Economic Area.