Deposit Guarantee Fund
Uma conta pensada para o dia a dia, preparada para o futuro.
The Deposit Guarantee Fund (hereinafter referred to as the Fund) is governed by Articles 154 to 173 of the General Framework for Credit Institutions and Financial Companies and by its Regulations. Its purpose is to guarantee the repayment of deposits held with participating credit institutions.
NOVO BANCO, S.A. is a participant in the Fund.
What the Fund Guarantees
The Fund guarantees the repayment, per credit institution, of the total cash balance of each depositor, up to a limit of €100,000. For this purpose, account balances existing on the date deposits become unavailable will be taken into consideration.
The above limit does not apply to the following deposits for a period of one year from the date the amount is credited to the relevant account:
Deposits arising from real estate transactions relating to private residential properties;
Deposits serving specific social purposes, as defined by applicable legislation;
Deposits resulting from insurance payments or compensation for losses arising from criminal acts or wrongful convictions.
The Fund guarantees repayment, up to the above limits, of:
Deposits held in Portugal or in other European Union Member States with credit institutions headquartered in Portugal;
Deposits held in Portugal with Portuguese branches of credit institutions headquartered outside the European Union, unless those deposits are covered by a guarantee scheme in the country of origin that the Banco de Portugal considers equivalent to that provided by the Fund, particularly regarding the scope of protection and guarantee limit, and without prejudice to any bilateral agreements in force.
Deposits are reimbursed in euros. Deposits held in foreign currencies will be converted into euros using the exchange rate applicable on the same date.
Exclusions
Deposits excluded from repayment protection are those set out in Article 165 of the General Framework for Credit Institutions and Financial Companies and published on the Fund’s website.
The following are excluded from repayment protection:
Deposits held in the name of, and on behalf of, credit institutions, investment firms, financial institutions, insurance and reinsurance undertakings, collective investment undertakings, pension funds, public administrative entities in Portugal and abroad, and supranational or international organisations, except:
Deposits belonging to pension funds whose members are small and medium-sized enterprises;
Deposits belonging to local authorities with an annual budget not exceeding €500,000.
Deposits arising from transactions for which a final criminal conviction for money laundering has been issued.
Deposits where the depositor has not been identified in accordance with Article 8 of Law No. 25/2008 of 5 June, through submission of the information required under Article 7 of that law, on the date deposits become unavailable.
Deposits held by persons or entities which, during the two years preceding the date deposits became unavailable, or the adoption of a resolution measure, held a direct or indirect participation equal to or greater than 2% of the credit institution’s share capital, or were members of the institution’s management bodies, unless it is demonstrated that they were not responsible, by act or omission, for the institution’s financial difficulties and did not contribute to the deterioration of its situation.
Who Participates in the Fund
Participation in the Fund is mandatory for credit institutions headquartered in Portugal that are authorised to receive deposits and for credit institutions headquartered outside the European Union in respect of deposits received through their branches in Portugal, unless those deposits are covered by a guarantee scheme in the country of origin that the Banco de Portugal considers equivalent to the protection offered by the Fund, particularly regarding the scope of protection and guarantee limit, and without prejudice to any bilateral agreements in force.
Reimbursement
Repayment must take place within seven business days from the date deposits become unavailable and does not depend on a request being submitted by depositors to the Fund.
This reimbursement period applies from 1 January 2024.
Until 31 December 2023, the following reimbursement periods applied:
20 business days, until 31 December 2018;
15 business days, from 1 January 2019 to 31 December 2020;
10 business days, from 1 January 2021 to 31 December 2023.
During this transitional period, the Fund makes available to depositors an amount of up to €10,000 from all deposits guaranteed by the Fund within a maximum period of seven business days.
This information is not exhaustive.
Further information is available from the Deposit Guarantee Fund and fromthe Banco de Portugal through the Banking Customer Portal.
PUB | NOVO BANCO S.A. | Registered no. 7 at Banco de Portugal