Article 8

Path:
Deposit Guarantee Schemes Directive (DGSD) > Article 8
Title:
Article 8
Description: 
Repayment
Main content: 
1. DGSs shall ensure that the repayable amount is available within seven working days of the date on which a relevant administrative authority makes a determination as referred to in point (8)(a) of Article 2(1) or a judicial authority makes a ruling as referred to in point (8)(b) of Article 2(1).
 
2. However, Member States may, for a transitional period until 31 December 2023, establish the following repayment periods of up to:
 
(a) 20 working days until 31 December 2018;
 
(b) 15 working days from 1 January 2019 until 31 December 2020;
 
(c) 10 working days from 1 January 2021 until 31 December 2023.
 
3. Member States may decide that deposits referred to in Article 7(3) are subject to a longer repayment period, which does not exceed three months from the date on which a relevant administrative authority makes a determination as referred to in point (8)(a) of Article 2(1) or a judicial authority makes a ruling as referred to in point (8)(b) of Article 2(1).
 
 
5. Repayment as referred to in paragraphs 1 and 4 may be deferred where:
 
(a) it is uncertain whether a person is entitled to receive repayment or the deposit is subject to legal dispute;
 
(b) the deposit is subject to restrictive measures imposed by national governments or international bodies;
 
(c) by way of derogation from paragraph 9 of this Article there has been no transaction relating to the deposit within the last 24 months (the account is dormant);
 
(d) the amount to be repaid is deemed to be part of a temporary high balance as defined in Article 6(2); or
 
(e) the amount to be repaid is to be paid out by the DGS of the host Member State in accordance with Article 14(2).
 
6. The repayable amount shall be made available without a request to a DGS being necessary. For that purpose, the credit institution shall transmit the necessary information on deposits and depositors as soon as requested by the DGS.
 
7. Any correspondence between the DGS and the depositor shall be drawn up:
 
(a) in the official language of the Union institutions that is used by the credit institution holding the covered deposit when writing to the depositor; or
 
(b) in the official language or languages of the Member State in which the covered deposit is located.
 
If a credit institution operates directly in another Member State without having established branches, the information shall be provided in the language that was chosen by the depositor when the account was opened.
 
8. Notwithstanding the time limit laid down in paragraph 1 of this Article, where a depositor or any person entitled to or interested in sums held in an account has been charged with an offence arising out of or in relation to money laundering as defined in Article 1(2) of Directive 2005/60/EC, the DGS may suspend any payment relating to the depositor concerned, pending the judgment of the court.
 
9. No repayment shall be made where there has been no transaction relating to the deposit within the last 24 months and the value of the deposit is lower than the administrative costs that would be incurred by the DGS in making such a repayment.