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ARTICLE · 27 JANUARY 2023

FIG Top 5 At 5 - 19/01/2023

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On 13 January 2023, the Central Bank of Ireland (the "Central Bank") wroteOpens in new window to member institutions participating in the Deposit Guarantee Scheme ("DGS") and confirmed...

European UnionFinance and Banking
Matheson Asset Management And Investment Funds Group
Matheson Asset Management And Investment Funds Group
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1. Central Bank identifies calculation errors in Deposit Guarantee Scheme contributions

On 13 January 2023, the Central Bank of Ireland (the "Central Bank") wrote to member institutions participating in the Deposit Guarantee Scheme ("DGS") and confirmed that it has identified errors in its calculation of institutions' contributions to the DGS.

The European Union (Deposit Guarantee Schemes) Regulations 2015 mandate the DGS Contributory Fund (the "Fund") to reach an available financial means of 0.8% of covered deposits by 2024. Since 2016, credit institutions have been required to make appropriate contributions to the Fund annually, in accordance with European Banking Authority Guidelines.

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