The Fund guarantees the reimbursement, per credit institution, of the global amount of cash balance of each deposit holder, up to the limit of EUR 100,000. For this, the considered balances will be those existing at the date the deposits were made unavailable.
The above mentioned limit does not apply to the following deposits during a period of 1 (one) year from the date the amount has been credited in the respective account:
- Deposits related with real estate transactions from private urban properties.
- Deposits with social purposes determined in separate legislation.
- Deposits related with insurance or indemnity payments regarding crime practice or improper conviction.
The Fund guarantees the reimbursement of the following, up to the above mentioned limits:
- The deposits made in Portugal or in any state member of the European Union at a credit institution with headquarters in Portugal.
- The deposits made in Portugal at branches of credit institutions with headquarters in countries that are not members of the European Union, except if those deposits are covered by a guarantee scheme in the origin country which the Bank of Portugal considers equivalent to those provided by the Fund, mainly regarding the coverage and the guarantee limit, and without prejudice of any existing bilateral agreement on the matter.
The deposits reimbursement is made in Euro. The foreign currency deposits shall be converted into Euro at the exchange rate on the date the deposits are unavailable.
The deposits that are not included in the reimbursement guarantee are those defined in article 165 of Regime Geral das Instituições de Crédito e das Sociedades Financeiras (legal framework of credit institutions and financial companies) referred in the Fund’s website.
Namely, the deposits not included in the reimbursement guarantee are:
- The deposits made in the name and on behalf of credit institutions, investment companies, financial institutions, insurance and reinsurance companies, collective investment institutions, pension funds, national and foreign administrative public sector entities, and supranational and international agencies, except: i) Pension funds deposits which members are small or medium companies; ii) Local autarchy deposits with an annual budget equal to or less than €500,000
- The deposits originated from operations judged in a trial and over which there was/is a penal conviction for money laundering.
- The deposits whose holder is not identified according to article 8 of Law no. 25/2008 of 5 June (that establishes preventive and repressive measures of money laundering and terrorism financing fight), through the presentation of the elements established in article 7 of the same Law at the date the deposits are made unavailable.
- The deposits of individuals or entities that, within a period of two years prior to the unavailability of the deposits, or that a resolution measure has been adopted, have had a direct or indirect participation equal or superior to 2% of the share capital of the credit institution, or that have been members of the board of directors of the credit institution, except if it is proven that they are not, by action or omission, at the origin of the credit institution’s financial difficulties and that they have not contributed to their aggravation.
Mandatorily all credit institutions with headquarters in Portugal authorized to receive deposits and all credit institutions with headquarters in countries that are not members of the European Union that receive deposits through their branches in Portugal, except if those deposits are covered by a guarantee scheme of the origin country which the Bank of Portugal considers equivalent to that provided by the Fund, mainly concerning the coverage and the guarantee limit, and without prejudice of any existing bilateral agreement over the matter.
The reimbursement must be made within seven working days form the date in which the deposits are made unavailable and it is not necessary to present any reimbursement request to the Fund.
This reimbursement deadline is valid from January 1st 2024 onwards.
Until the 31st December 2023 the following deadlines are applicable:
- 20 working days until December 31st 2018.
- 15 working days between January 1st 2019 and January 31st 2020.
- 10 working days from January 1st 2021 to December 31st 2023.
During this transition period the Fund reimburses the depositors with a tranche up to €10,000 of all deposits guaranteed by the Fund within seven working days maximum.