Directive 94/19/ec pdf

Before that date, the Commission shall draw up a report on the basis of the experience acquired in applying the second subparagraph and shall consider the need to continue those arrangements. If appropriate, the Commission shall submit a proposal for a Directive to the European Parliament and the Council, with a view to the extension of their validity. The scheme to be joined by the branch shall cover the category of institution to which it belongs or most closely corresponds in the host Member State.

Member States shall ensure that objective and generally applied conditions are established for branches' membership of a host Member State's scheme in accordance with paragraph 2. Admission shall be conditional on fulfilment of the relevant obligations of membership, including in particular payment of any contributions and other charges. Member States shall follow the guiding principles set out in Annex II in implementing this paragraph.

If a branch granted voluntary membership under paragraph 2 does not comply with the obligations incumbent on it as a member of a deposit-guarantee scheme, the competent authorities which issued the authorization shall be notified and, in collaboration with the guarantee scheme, shall take all appropriate measures to ensure that the aforementioned obligations are complied with. If those measures fail to secure the branch's compliance with the aforementioned obligations, after an appropriate period of notice of not less than 12 months the guarantee scheme may, with the consent of the competent authorities which issued the authorization, exclude the branch.

Deposits made before the date of exclusion shall continue to be covered by the voluntary scheme until the dates on which they fall due. Depositors shall be informed of the withdrawal of the supplementary cover. The Commission shall report on the operation of paragraphs 2, 3 and 4 no later than 31 December and shall, if appropriate, propose amendments thereto. Member States shall check that branches established by a credit institution which has its head office outwith the Community have cover equivalent to that prescribed in this Directive.

Actual and intending depositors at branches established by a credit institution which has its head office outwith the Community shall be provided by the credit institution with all relevant information concerning the guarantee arrangements which cover their deposits. The information referred to in paragraph 2 shall be made available in the official language or languages of the Member State in which a branch is established in the manner prescribed by national law and shall be drafted in a clear and comprehensible form.

Deposit-guarantee schemes shall stipulate that the aggregate deposits of each depositor must be covered up to ECU 20 in the event of deposits' being unavailable. Until 31 December Member States in which, when this Directive is adopted, deposits are not covered up to ECU 20 may retain the maximum amount laid down in their guarantee schemes, provided that this amount is not less than ECU 15 Member States may provide that certain depositors or deposits shall be excluded from guarantee or shall be granted a lower level of guarantee.

Those exclusions are listed in Annex I. This Article shall not preclude the retention or adoption of provisions which offer a higher or more comprehensive cover for deposits.

In particular, deposit-guarantee schemes may, on social considerations, cover certain kinds of deposits in full.

Member States may limit the guarantee provided for in paragraph 1 or that referred to in paragraph 3 to a specified percentage of deposits. The amount referred to in paragraph 1 shall be reviewed periodically by the Commission at least once every five years. If appropriate, the Commission shall submit to the European Parliament and to the Council a proposal for a Directive to adjust the amount referred to in paragraph 1, taking account in particular of developments in the banking sector and the economic and monetary situation in the Community.

The first review shall not take place until five years after the end of the period referred to in Article 7 1 , second subparagraph. Member States shall ensure that the depositor's rights to compensation may be the subject of an action by the depositor against the deposit-guarantee scheme.

The limits referred to in Article 7 1 , 3 and 4 shall apply to the aggregate deposits placed with the same credit institution irrespective of the number of deposits, the currency and the location within the Community. The share of each depositor in a joint account shall be taken into account in calculating the limits provided for in Article 7 1 , 3 and 4.

In the absence of special provisions, such an account shall be divided equally amongst the depositors. Member States may provide that deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, may be aggregated and treated as if made by a single depositor for the purpose of calculating the limits provided for in Article 7 1 , 3 and 4.

Where the depositor is not absolutely entitled to the sums held in an account, the person who is absolutely entitled shall be covered by the guarantee, provided that that person has been identified or is identifiable before the date on which the competent authorities make the determination described in Article 1 3 i or the judicial authority makes the ruling described in Article 1 3 ii. If there are several persons who are absolutely entitled, the share of each under the arrangements subject to which the sums are managed shall be taken into account when the limits provided for in Article 7 1 , 3 and 4 are calculated.

Member States shall ensure that credit institutions make available to actual and intending depositors the information necessary for the identification of the deposit-guarantee scheme of which the institution and its branches are members within the Community or any alternative arrangement provided for in Article 3 1 , second subparagraph, or Article 3 4. The depositors shall be informed of the provisions of the deposit-guarantee scheme or any alternative arrangement applicable, including the amount and scope of the cover offered by the guarantee scheme.

That information shall be made available in a readily comprehensible manner. Information shall also be given on request on the conditions for compensation and the formalities which must be completed to obtain compensation. The information provided for in paragraph 1 shall be made available in the manner prescribed by national law in the official language or languages of the Member State in which the branch is established.

Member States shall establish rules limiting the use in advertising of the information referred to in paragraph 1 in order to prevent such use from affecting the stability of the banking system or depositor confidence.

In particular, Member States may restrict such advertising to a factual reference to the scheme to which a credit institution belongs. Deposit-guarantee schemes shall be in a position to pay duly verified claims by depositors in respect of unavailable deposits within three months of the date on which the competent authorities make the determination described in Article 1 3 i or the judicial authority makes the ruling described in Article 1 3 ii.

In wholly exceptional circumstances and in special cases a guarantee scheme may apply to the competent authorities for an extension of the time limit. No such extension shall exceed three months. The competent authorities may, at the request of the guarantee scheme, grant no more than two further extensions, neither of which shall exceed three months.

The time limit laid down in paragraphs 1 and 2 may not be invoked by a guarantee scheme in order to deny the benefit of guarantee to any depositor who has been unable to assert his claim to payment under a guarantee in time.

The documents relating to the conditions to be fulfilled and the formalities to be completed to be eligible for a payment under the guarantee referred to in paragraph 1 shall be drawn up in detail in the manner prescribed by national law in the official language or languages of the Member State in which the guaranteed deposit is located. Without prejudice to any other rights which they may have under national law, schemes which make payments under guarantee shall have the right of subrogation to the rights of depositors in liquidation proceedings for an amount equal to their payments.

Notwithstanding Article 3, those institutions authorized in Spain or in Greece and listed in Annex III shall be exempt from the requirement to belong to a deposit-guarantee scheme until 31 December Such credit institutions shall expressly alert their actual and intending depositors to the fact that they are not members of any deposit-guarantee scheme.

During that time, should any such credit institution establish or have established a branch in another Member State, that Member State may require that branch to belong to a deposit-guarantee scheme set up within its territory under conditions consonant with those prescribed in Article 4 2 , 3 and 4.

The Member States shall bring into force the laws, regulations and administrative provisions necessary for them to comply with this Directive by 1 July They shall forthwith inform the Commission thereof. When the Member States adopt these measures they shall contain a reference to this Directive or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by the Member States.

The Member States shall communicate to the Commission the texts of the main provisions of national law which they adopt in the field governed by this Directive. This Directive shall enter into force on the day of its publication in the Official Journal of the European Communities.

Directive is last amended by. OJ No L , Deposits by close relatives and third parties acting on behalf of the depositors referred to in 7. Deposits for which the depositor has, on an individual basis, obtained from the same credit institution rates and financial concessions which have helped to aggravate its financial situation. Debt securities issued by the same institution and liabilities arising out of own acceptances and promissory notes. Where a branch applies to join a host Member State scheme for supplementary cover, the host Member State scheme will bilaterally establish with the home Member State scheme appropriate rules and procedures for paying compensation to depositors at that branch.

The following principles shall apply both to the drawing up of those procedures and in the framing of the membership conditions applicable to such a branch as referred to in Article 4 2 :. The host Member State scheme will retain full rights to verify a depositor's entitlement according to its own standards and procedures before paying supplementary compensation;. In particular, they will agree on how the existence of a counterclaim which may give rise to set-off under either scheme will affect the compensation paid to the depositor by each scheme;.

To facilitate charging, the host Member State scheme will be entitled to assume that its liability will in all circumstances be limited to the excess of the guarantee it has offered over the guarantee offered by the home Member State regardless of whether the home Member State actually pays any compensation in respect of deposits held within the host Member State's territory.

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