Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
All branches of EEA-banks operating in Ireland participate in deposit guarantee schemes of their home countries. This means that Citibank Europe plc participates in the deposit guarantee scheme of Hungary.
Citibank Europe plc is a member of National Deposit Insurance Fund (NDIF) and makes its contributions into it. In the case of Citibank Europe plc failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:
Aareal Bank AG
Bank Julius Baer Europe S.A.
Bankia S.A.
Barclays Bank plc
Belfius Bank SA/NV, Dublin Branch