Tuesday 20 March 2018

Other financial products under state guarantee

Besides backing the bank guarantee scheme and the deposit-protection scheme, the State itself fully guarantees a number of other financial products, such as all deposits in An Post, and the National Solidarity Bond.

There is also an investor compensation scheme that will pay compensation if you have invested in an authorised investment firm that went bust.

Called the Investor Compensation Scheme, it is run by a government agency called the Investor Compensations Company Limited.

The scheme covers a very broad range of investment products, including shares, investment funds, various life and non-life insurance policies, tracker bonds and futures and options.

If your investment firm goes bust, the maximum amount of compensation you can claim is 90pc of the amount that you lost, but only up to €20,000.

In some cases, you may have to claim from a compensation scheme in another EU country, if the relevant firm is regulated in another EU state but has a branch here.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business