The Central Bank of Ireland is responsible for operating the Deposit Guarantee Scheme (DGS), according to the rules set out in the Financial Services (Deposit Guarantee Scheme) Act 2009 and the European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2009 (S.I. 228 of 2009). Under these rules, the DGS provides compensation for eligible depositors up to a maximum of €100,000 per person, per institution. In general, each eligible person or separate legal entity qualifies for coverage of €100,000 in each institution where they hold deposits, subject to certain exclusions as set out in the legislation. Savings in excess of this amount are not protected by the DGS.
A deposit to which two or more persons are entitled as members of a partnership, association or grouping of a similar nature, without legal personality, (whether or not in equal shares) shall be treated as a single deposit.
However, if the entity holding deposits does so as a trustee, and any beneficiary of the trust concerned is beneficially entitled against the trustees to any identifiable part of that amount, then coverage may be available to each individual beneficiary up to the €100,000 limit (including any deposits held by those beneficiaries with the same institution).
In the event that the club has legal personality and does not hold the funds in trust, the DGS will consider the legal structure of that entity to determine their eligibility should such a situation arise and a decision will be made at that time.
