Entschädigungseinrichtung deutscher Banken

The compensation scheme German Banks ( EdB ) is the statutory compensation scheme for the deposit-taking credit institutions under private law.

Structure and legal basis

The legal basis for the establishment of the Deposit Guarantee and Investor Compensation Act.

The EdB is a wholly owned subsidiary of the Association of German Banks and is subject to supervision by the Federal Financial Supervisory Authority. It has its headquarters in Berlin.

Scope

The EdB protects:

The European Parliament has decided on 18 December 2008 that the Member States by 30 June 2009 have adopted national laws providing for deposit insurance of at least 50,000 euros each customer without the previous excess of 10%. This policy, the federal government implemented the law in the new version of the Deposit Guarantee and Investor Compensation Act from 1 July 2009. On 1 January 2011 the limit was increased from 50,000 to 100,000 euros.

The Deposit Protection includes not only all kinds of deposits - essentially demand, time and savings deposits - also in the name denominated savings bonds a. Liabilities, for which a bank bearer securities issued as bearer bonds and bearer certificates of deposit, are not protected.

The compensation claim does not exist if the deposits are not denominated in euro or the currency of an EU Member State.

The funds necessary for compensation to be applied by contributions from associated institutions loud Post Regulation ( EdBBeitrV ). Legally, it involves a dependent special Federal funds from the KfW bank group.

For compensation claims that exceed the upper limit, are available more deposit insurance fund.