Payment limits under the Depositor Compensation Scheme

The following examples are for guidance only. For the purposes of the following examples, the following information is applicable throughout:

• The failed bank is established in Malta.
• Compensation Date: 1 January 2016. This is the date when the MFSA has formally determined that the failed bank is unable to honour its obligations towards its depositors and therefore unable to repay deposits.
• The payment date is within seven (7| business days of the Compensation Date.
• The bank pays interest annually on 30 June of each financial year. This is the last time the bank has paid interest to depositors.

Situation 1 - Savings Account paying zero per cent interest

Mr A has deposited €16,300 in a savings account with a bank. The bank suspends payments. Mr A is entitled to receive compensation of €16,300 within seven business days of the compensation date.

Situation 2 - Savings Account with 0.1 per cent interest

Mr A has deposited €16,300, £10,000 and U.S $80,000 in three savings accounts with a bank. The bank suspends payments. Mr A is entitled to receive compensation in euro, calculated as follows:

	Accrued Interest (1 July 2015 to 1 January 2016)	Exchange rate as at 1 January 2016	Amount in euro
€16,300	€8.15	N/A	€8.15
£10,000	£5.00	1GBP =1.35388 EUR	€6.77
U.S $80,000	U.S $40.00	1USD = 0.917410 EUR	€36.70
			Total =  €103,283.22

Mr A will therefore receive compensation of €100,000 (as the maximum payable under the Scheme). within seven business days of the compensation date.

 

Situation 3 – Fixed Deposit Account
Mr A has deposited €16,300 in a deposit account with a bank which will mature in two years’ time. The bank suspends payments. Mr A will receive compensation of €16,300 with accrued interest, if any, within seven business days of the compensation date.

 

Situation 4 – Savings Accounts
Mr A has 5 savings accounts with a bank, with which he has no outstanding loan. The bank suspends payment. The total amount in these accounts is €120,000. Mr A is entitled to receive compensation of €100,000 within seven business days of the compensation date.

 

Situation 5 – A deposit and a loan
Mr A has a savings account of €24,000 with a bank. He also has a home loan with an outstanding amount of €200,000 which is not yet due. The bank suspends payments. Mr A is entitled to receive compensation of €24,000, with accrued interest if any within seven business days of the compensation date

 

Situation 6 – A deposit and a loan
Mr B has a savings account of €15,000 with a bank. He also has a home loan with an outstanding amount of €25,000 which is due. The bank suspends payments. Mr A  is entitled to receive compensation of €15,000 , with accrued interest if any within seven business days of the compensation date

 

Situation 7 – A deposit and an overdraft
Mr C has a savings account of €15,000 with a bank. He has also drawn €200,000 on his overdraft account. The bank suspends payments. Mr C is entitled to receive compensation of €15,000 with accrued interest if any within seven business days of the compensation date

 

Situation 8 – A deposit and a credit card account
Mr C has a savings account of €15,000 with a bank. He has also a credit card account in which he had just deposited €1,000 and is therefore in credit by such amount. The bank suspends payments. Mr C  will is entitled to receive compensation of €16,000 with accrued interest if any within seven business days of the compensation date.

 

Situation 9 – Joint Account
Mr A has deposited €50,000 with a bank. He also has a joint account with Mrs B amounting to €120,000. Mrs B has no other accounts with the bank. The bank suspends payments. In respect of Mr A, the Scheme calculates compensation as follows: €50,000 in respect of his personal account and his 50% share of the joint account, i.e. €60,000. Although Mr A has €110,000 in deposits, the maximum payment to Mr A would be €100,000. Mrs B is entitled to €60,000, her 50% share of the joint account.

 

Situation 10 - Two banks fail
Mr A has deposited €100,000 with Bank A. He has another deposit of €100,000 with Bank B. Both banks suspend payments. Mr A is entitled to compensation of €200,000 - €100,000 in respect of each bank.

 

Situation 11 – Temporary High Balances (1)
On the date a bank has been declared in default, Mr A has € 250,000 in his savings account. He does not have any other accounts with the failed bank. Mr A received €100,000 from the Scheme by way of compensation. However, the Scheme informs him (by way of adverts in the newspapers) that he might be eligible for additional compensation of up to €500,000 if the account at the bank might have had transactions relating to particular life events (see question 5). Mr A submits a claim to the Scheme saying that in his savings account, he had deposited an amount of €150,000 derived from a sale of private residential property exactly one month before the bank failed. Following detailed verifications, the Scheme pays Mr A an additional €150,000 by way of additional compensation.

 

Situation 12 – Temporary High Balances (2)
On the date a bank has been declared in default, Mr A has € 250,000 in his savings account. He does not have any other accounts with the failed bank. Mr A received €100,000 from the Scheme by way of compensation. However, the Scheme informs him (by way of adverts in the newspapers) that he might be eligible for additional compensation of up to €500,000 if the account at the bank might have had transactions relating to particular life events (see question 5). Mr A submits a claim to the Scheme saying that in his savings account, he had deposited an amount of €150,000 derived before a life insurance pay out in February 2015, more than six months from the date when the bank was declared in default. Following detailed verifications, the Scheme rejects Mr A’s claim for additional compensation because the Scheme is only obliged to pay for such additional compensation if the balances were credited in the depositor’s account within six months before the date the bank is declared in default.

 

Situation 13 – Temporary High Balances (3)
On the date a bank has been declared in default, Mr A has € 500,000 in his savings account. He does not have any other accounts with the failed bank. Mr A received €100,000 from the Scheme by way of compensation. However, the Scheme informs him (by way of adverts in the newspapers) that he might be eligible for additional compensation of up to €500,000 if the account at the bank might have had transactions relating to particular life events (see question 5). Mr A submits two claims to the Scheme saying that in his savings account, he had deposited (a) an amount of €150,000 derived from a life insurance pay out and (b) €300,000 from proceeds from sale of residential property. Both balances were credited in his account in November 2016, within the six months from the date when the bank was declared in default. Following detailed verifications, the Scheme accepts Mr A’s claim for additional compensation of €400,000 as the limit of €500,000 in additional compensation is per life event.

 

Situation 14 – Appeal
Mr A has deposited € 40,000 with a bank. He has € 100,000 deposited in another account which he claims to be part of a Temporary High Balances for the purchase of a private residential property. The Scheme has decided after viewing all evidence that the claim made by Mr A does not fall within with meaning of Temporary High Balance under the Regulations.

Mr A, who feels aggrieved by the decision, may request the Scheme to reconsider its decision. The Scheme shall within two months from such request provide the said depositor with a reasoned decision. This however does not prejudice the right of Mr A to  bring forward any claim he may also have against the Scheme before a competent court or tribunal of civil jurisdiction.

 

Situation 15 – Prescription / Time barred
Mr A has deposited € 10,000 with a bank. When the bank failed he did not receive compensation by the Scheme within 20 business days. Two years have elapsed after the 20 business days within which he should have received compensation. Mr A would not be entitled to receive compensation since the right to claim repayment has elapsed.  

L-ezempji li gejjien ghandhom l-ghan li jservu biss ta’ gwida. Ghall-fini ta’ dawn l-ezempji li gejjin, it-taghrif li gej japplika ghalihom ilkoll:

• Il-bank fallut twaqqaf f’Malta.
• Id-Data tal-Kumpens: L-1 ta’ Jannar 2016. Din hi d-data meta l-MFSA ddeterminat b’mod fomali li l-bank fallut mhux kapaci jonora l-obbligi tieghu lejn id-depozitanti tieghu u ghaldaqstant mhux f’pozizzjoni li jhallas mill-gdid id-depoziti.
• Id-data tal-pagament hi fi zmien sebat (7) ijiem ta’ xoghol mid-Data tal-Kumpens.
• Il-bank ihallas l-interessi annwali fit-30 ta’ Gunju ta’ kull sena finanzjarja. Din hi l-ahhar gurnata meta l-bank hallas l-interessi lid-depozitanti.

 

Sitwazzjoni 1 – Kont tat-tifdil li jhallas interessi ta’ zero fil-mija

Is-Sur A ddepozita €16,300 f’kont tat-tifdil ma’ bank. Il-bank iwaqqaf il-pagamenti. Is-Sur A hu intitolat sabiex jircievi kumpens ta’ €16,300 fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens.

Sitwazzjoni 2 – Kont tat-tifdil li jhallas interessi ta’ 0.1 fil-mija

Is-Sur A ddepozita €16,300, £10,000 u U.S $80,000 fi tliet kontijiet tat-tifdil ma’ bank. Il-bank iwaqqaf il-pagamenti.
Is-Sur A hu intitolat biex jircievi l-kumpens tieghu fl-ewro, mahdum kif gej:

  

	Interessi migmugha (mill-1 ta’ Lulju 2015 sal-1 ta’ Jannar 2016)	Rata tal-Kambju fl-1 ta’ Jannar 2016	Ammont fl-ewro
€16,300	€ 8.15	N/A	€8.15
£10,000	£5.00	1GBP =1.35388 EUR	€6.77
U.S $80,000	U.S $40.00	1USD = 0.917410 EUR	€36.70
			Total =  €103,283.22

 
Ghaldaqstant, is-Sur A se jircievi kumpens ta’ €100,000 (bhala l-massimu pagabbli skont l-Iskema) fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens.

 

Sitwazzjoni 3 – Kont ta’ Depozitu Fiss 

Is-Sur A ddepozita €16,300 f’kont ta’ depozitu ma’ bank li se jimmaturaw fi zmien sentejn. Il-bank iwaqqaf il-pagamenti. Is-Sur A se jircievi kumpens ta’ €16,300 flimkien mal-interessi migmugha, jekk hemm, fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens.

 

Sitwazzjoni 4 – Kont tat-Tifdil

Is-Sur A ghandu hames kontijiet tat-tifdil f’bank u m’ghandu l-ebda dejn li ghadu ma thallasx. Il-bank iwaqqaf il-pagament. L-ammont shih f’dawn il-kontijiet hu ta’ €120,000. Is-Sur A hu intitolat sabiex jircievi kumpens ta’ €100,000 fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens.

 

Sitwazzjoni 5 – Depozitu u Self

Is-Sur A ghandu kont tat-tifdil ta’ €24,000 f’bank. Ghandu wkoll self fuq id-dar u fadallu jhallas €200,000 li ghadhom ma nghalqilhomx iz-zmien. Il-bank iwaqqaf il-pagamenti. Is-Sur hu intitolat li jircievi kumpens ta’ €24,000, bl-interessi migmugha, jekk hemm, fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens.

 

Sitwazzjoni 6 – Depozitu u self

Is-Sur B ghandu kont tat-tifdil ta’ €15,000 f’bank. Ghandu wkoll self fuq id-dar u fadallu jhallas €25,000 li ghadhom ma nghalqilhomx iz-zmien. Il-bank iwaqqaf il-pagamenti. Is-Sur B hu intitolat li jircievi kumpens ta’ €15,000, bl-interessi migmugha, jekk hemm, fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens

 

Sitwazzjoni 7 – Depozitu u kreditu fuq kont bankarju

Is-Sur C ghandu kont tat-tifdil ta’ €15,000 f’bank. Gibed ukoll €200,000 fi kreditu fuq il-kont bankarju tieghu (“overdraft”). Il-bank iwaqqaf il-pagamenti. Is-Sur C hu intitolat li jircievi kumpens ta’ €15,000 bl-interessi migmugha, jekk hemm, fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens.

 

Sitwazzjoni 8 – Kont b’depozitu u Kont b’kard tal-kreditu

Is-Sur C ghandu kont tat-tifdil ta’ €15,000 f’bank. Ghandu wkoll kont bil-kard tal-kreditu li kien ghadu kemm iddepozita fih €1,000 u ghaldaqstant dan il-kont zdidulu €1,000. Il-bank iwaqqaf il-pagamenti. Is-Sur C hu intitolat li jircievi kumpens ta’ €16,000, bl-interessi migmugha, jekk hemm, fi zmien sebat ijiem ta’ xoghol mid-data tal-kumpens.

 

Sitwazzjoni 9 – Kont Kongunt

Is-Sur A ddepozita €50,000 f’bank. Ghandu wkoll kont kongunt mas-Sinjura B li jammonta ghal €120,000. Is-Sinjura B m’ghandha l-ebda kont iehor mal-bank. Il-bank iwaqqaf il-pagamenti. Fir-rigward tas-Sur A, l-Iskema tikkalkula l-kumpens kif gej: €50,000 fir-rigward tal-kont personali tieghu u 50% tas-sehem tieghu mill-kont kongunt, jigifieri €60,000. Minkejja li s-Sur A ghandu €110,000 f’depoziti, il-pagament massimu li ghandu jithallas is-Sur A ghandu jkun ta’ €100,000. Is-Sinjura B hi intitolata li tircievi €60,000 flimkien mal-50% tas-sehem taghha mill-kont kongunt.

 

Sitwazzjoni 10 – Ifallu zewg banek

Is-Sur A ddepozita €100,000 f’Bank A. Ghandu depozitu iehor ta’ €100,000 f’Bank B. Iz-zewg banek iwaqqfu l-pagamenti. Is-Sur A hu intitolat ghal kumpens ta’ €200,000 – €100,000 fir-rigward ta’ kull bank.

 

Sitwazzjoni 11 – Bilanci Gholjin Temporanjament (1)

Dakinhar li l-bank hu ddikkjarat fallut, is-Sur A ghandu €250,000 fil-kont tat-tifdil tieghu. M’ghandux kontijiet ohrajn mal-bank fallut. Is-Sur A rcieva €100,000 mill-Iskema permezz ta’ kumpens. Madanakollu, l-Iskema tgharrfu (permezz ta’ reklami fil-gazzetti) li jaf ikun elegibbli ghal kumpens addizzjonali sa €50,000 jekk il-kont fil-bank seta’ kellu tranzazzjonijiet b’rabta ma’ avvenimenti personali partikulari (ara mistoqsija 5). Is-Sur A jressaq talba lill-Iskema li fiha jghid li fil-kont tat-tifdil tieghu, kellu depozitati €150,000 li jirrizultaw minn bejgh ta’ proprjetà residenjali privata ezattament xahar qabel ma falla l-bank. Wara li jsiru verifiki ddetaljati, l-Iskema thallas lis-Sur A €150,000 ohra f’kumpens addizzjonali.

 

Sitwazzjoni 12 – Bilanci Gholjin Temporanjament (2)

Dakinhar li l-bank hu ddikkjarat fallut, is-Sur A ghandu €250,000 fil-kont tat-tifdil tieghu. M’ghandux kontijiet ohrajn mal-bank fallut. Is-Sur A rcieva €100,000 mill-Iskema permezz ta’ kumpens. Madanakollu, l-Iskema tgharrfu (permezz ta’ reklami fil-gazzetti) li jaf ikun elegibbli ghal kumpens addizzjonali sa €50,000 jekk il-kont fil-bank seta’ kellu tranzazzjonijiet b’rabta ma’ avvenimenti personali partikulari (ara mistoqsija 5). Is-Sur A jressaq talba lill-Iskema li fiha jghid li fil-kont tat-tifdil tieghu, kellu ddepozitati €150,000 li jirrizultaw qabel ma rcieva hlas minn assigurazzjoni fuq l-hajja fi Frar 2015, aktar minn sitt xhur mid-data meta l-bank kien iddikkjarat fallut. Wara li jsiru verifiki ddetaljati, l-Iskema tirrifjutta t-talba tas-Sur A ghal kumpens addizzjonali minhabba li l-Iskema tkun obbligata thallas biss jekk il-bilanci kienu akkreditati fil-kont tad-depozitant fiz-zmien sitt xhur qabel id-data li fiha l-bank gie ddikkjarat fallut.

 

Sitwazzjoni 13 – Bilanci Gholjin Temporanjament (2)

Dakinhar li l-bank hu ddikkjarat fallut, is-Sur A ghandu €500,000 fil-kont tat-tifdil tieghu. M’ghandux kontijiet ohrajn mal-bank fallut. Is-Sur A rcieva €100,000 mill-Iskema permezz ta’ kumpens. Madanakollu, l-Iskema tgharrfu (permezz ta’ reklami fil-gazzetti) li jaf ikun elegibbli ghal kumpens addizzjonali sa €50,000 jekk il-kont fil-bank seta’ kellu tranzazzjonijiet b’rabta ma’ avvenimenti personali partikulari (ara mistoqsija 5). Is-Sur A jressaq zewg talbiet lill-Iskema li fiha jghid li fil-kont tat-tifdil tieghu, kellu ddepozitati (a) is-somma ta’ €150,000 li jirrizultaw minn hlas li rcieva minn assigurazzjoni u (b) €300,000 mill-bejgh ta’ proprjetà residenzjali. Iz-zewg bilanci kienu akkreditati fil-kont tieghu f’Novembru 2016, fi zmien sitt xhur mid-data meta l-bank kien iddikkjarat fallut. Wara li jsiru verifiki ddetaljati, l-Iskema tilqa’ t-talba tas-Sur A ghal kumpens addizzjonali ta’ €400,000 bhala l-limitu tal-€500,000 f’kumpens addizzjonali bhala avveniment personali.

 

Sitwazzjoni 14 –  Appell

Is-Sur A ddepozita €40,000 f’bank. Ghandu €100,000 iddepozitati f’kont iehor  li qed jistqarr li jaghmlu parti minn Bilanci Gholjin Temporanjament ghax-xiri ta’ proprjetà residenzjali privata. L-Iskema ddecidiet, wara li rat l-evidenzi kollha, li t-talba li ghamel is-Sur A ma taqax taht it-tifsira ta’ Bilanc Gholi Temporanjament skont ir-Regolamenti.

Is-Sur A, li jhossu ingurjat b’din id-decizjoni, jista’ jitlob lill-Iskema sabiex terga’ tikkunsidra d-decizjoni taghha. L-Iskema ghandha fi zmien xahrejn minn din it-talba tipprovdi lill-imsemmi depozitant ir-raguni wara d-decizjoni. Dan, madanakollu, ma jippregudikax id-dritt tas-Sur A li jressaq kwalunkwe talba li jista’ wkoll ikollu kontra l-Iskema quddiem qorti jew tribunal kompetenti tal-gurisdizzjoni civili.

 

Sitwazzjoni 15 – Preskrizzjoni 

Is-Sur A ddepozita €10,000 f’bank. Meta l-bank falla ma rcieva l-ebda kumpens mill-Iskema fi zmien 20 jum ta’ xoghol. Ghaddew sentejn wara l-20 jum ta’ xoghol li matulhom kellu jircievi kumpens. Is-Sur A ma jibqax intitolat li jircievi kumpens minhabba li ghadda z-zmien li matulu ghandu d-dritt li jressaq talba ghal pagament.