How the new 100% compensation scheme works

I was in BoI today opening a deposit account. The sales rep told me that ICS and BoI Life are also covered separately to BoI by the DGS. Now I know she is wrong about BoI Life, but would she be right about ICS? Seems a bit rich that the same institution can enjoy multiple slugs of the 200K (joint) guarantee simply by having subsidiaries.
 
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