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Deposits not subject to guarantee and compensation

Deposits of Estonian or foreign persons

Deposits belonging to any of the following Estonian or foreign persons as at the date on which the deposits become unavailable shall not be guaranteed or compensated for out of the Sectoral Fund:

1) the Estonian state or foreign state or the following Estonian or foreign persons;

•  a local government;
• an another credit institution;
• an insurance undertaking or reinsurance undertaking;
• a management company or investment fund;
• an investment firm;
• e-money institution;
• a payment institution;
• creditor or credit intermediary;
• another financial institution not specified in clauses 4)-8) of this subsection, including a financial holding company, a mixed finacial holding company and an asset management company specified in point (26) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulations (EU) No648/2012 (OJ L 176, 27.06.2013, p. 1-337), excluding insurance holding companies and mixed-activity insurance holding companies for the purposes of the insurance Activities Act. 

Deposits which owner has outstanding liabilities to the credit institution

Deposits the owner of which has outstanding liabilities to the same credit institution, to the extent of such liabilities shall not be compensated for out of the Sectoral Fund.

Deposits which owner cannot be identified

Deposits the owner of which cannot be identified by the credit institution shall not be compensated for out of the Sectoral Fund.

Deposits connected with money laundering

Deposits in connection with which a judgment of conviction has been made for money laundering shall not be guaranteed out of the Sectoral Fund. Compensation for a deposit in connection with which a criminal proceeding relating to money laundering has been commenced shall be suspended until the entry into force of the court judgment.

Deposits of Estonian branches of foreign credit institutions

Deposits of Estonian branches of foreign credit institutions which are guaranteed and compensated under a guarantee scheme of the home country of the credit institution to the same or a higher level than prescribed by the Guarantee Fund Act shall not be guaranteed and compensated out of the Sectoral Fund.

Deposits with Estonian branches of foreign credit institutions are guaranteed and compensated under a guarantee scheme of the home country of the credit institution.

As the terms and conditions of deposit guarantee are different in the deposit guarantee schemes of European Union Member States, then every depositor should contact the branch of the specific credit institution to obtain information about the terms and conditions of deposit guarantee, including the limit of compensation and the currency used to pay out the compensation.

Deposits of foreign branch of an Estonian credit institution

Deposits in a foreign branch of an Estonian credit institution which are compensated under a guarantee scheme of the host country of the branch to the same or a higher level than prescribed by the Guarantee Fund Act shall not be guaranteed and compensated out of the Sectoral Fund.

Remark: Deposits in a foreign branch of an Estonian credit institution located in a state which is a Contracting Party to the European Economic Area Agreement shall be compensated for out of the Deposit Guarantee Sectoral Fund to the extent of 100 per cent but not more than in the amount of 100 000 euro per depositor in any one credit institution.

• The following states are contracting parties to the EEA Agreement: Austria, Belgium, Bulgaria, Estonia, Spain, Holland, Ireland, Iceland, Italy, Greece, Cyprus, Lithuania, Liechtenstein, Luxembourg, Latvia, Malta, Norway, Poland, Portugal, France, Sweden, Romania, Germany, Slovakia, Slovenia, Finland, United Kingdom, Denmark, the Czech Republic, Hungary.

If the eligible deposit of a natural person includes any funds received for personal use from the transfer of private immovable property provided for in subsection 5 (4) of the Creditors and Credit Intermediaries Act, the aforementioned funds shall be guaranteed and compensated for together with the interest thereon as at the date on which the deposits become unavailable in the amount up to 70,000 euros in addition to the provisions of subsection (2) of this Act. The aforementioned funds shall be guaranteed within six months as of the transfer of the private immovable property.

Credit institution which are recorded under the own funds

Funds left at the disposal of a credit institution which are recorded under the own funds of the credit institution pursuant to § 72 of the Credit Institutions Act shall not be guaranteed for the account of the Sectoral Fund.

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