Just wondered what the situation is on Deposit Protection for Business Bank Accounts. Is there any? If so, is it the same as an individual, 90% up to €20,000. What if there are two directors of the company that holds the account and the two directors also have money in a joint account in the same institution? (These are not hypothetical queries.) Sorry, I tried to search for an answer to this, but could not find one.
Deposit Protection on Business Accounts
- Thread starter Prudence
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Brendan Burgess
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Prudence
I would imagine that the answer is no. Could you follow up with the Financial Regulator or the Small Firms Association and let us know for sure.
I would imagine that the answer is no. Could you follow up with the Financial Regulator or the Small Firms Association and let us know for sure.
Here is the answer I got from the Financial Regulator, very quick and clear:
"There is only one Deposit Protection scheme in Ireland for deposits. It was set up for personal customers of credit institutions. However, small limited companies may be included in the scheme depending on the size of the company. The size of a company will be decided by companies legislation. Further information on the scheme is available in our Industry website, www.financialregulator.ie. I am attaching a direct link to the Deposit Protection Scheme information,
http://www.financialregulator.ie/frame_main.asp?pg=%2Findustry%2Fin%5Fcar%5Fintr%2Easp&nv=%2Findustry%2Fin%5Fnav%2Easp."
"There is only one Deposit Protection scheme in Ireland for deposits. It was set up for personal customers of credit institutions. However, small limited companies may be included in the scheme depending on the size of the company. The size of a company will be decided by companies legislation. Further information on the scheme is available in our Industry website, www.financialregulator.ie. I am attaching a direct link to the Deposit Protection Scheme information,
http://www.financialregulator.ie/frame_main.asp?pg=%2Findustry%2Fin%5Fcar%5Fintr%2Easp&nv=%2Findustry%2Fin%5Fnav%2Easp."