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 do not need to make a claim in order to receive DGS compensation.
The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme.
