Hsbc Bank Plc (Italy) - Deposit Guarantee

Deposit Guarantee

Yes (up to 85,000 GBP per depositor)

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.

Deposit Guarantee in Hsbc Bank Plc

All branches of EU-banks operating in Italy participate in deposit guarantee schemes of their home countries. This means that Hsbc Bank Plc participates in the deposit guarantee scheme of the United Kingdom.

Hsbc Bank Plc is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it. In the case of Hsbc Bank Plc failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Maximum Protected Amount

85,000 GBP

Temporary High Balance

1,000,000 GBP

Eligible Depositors

private individuals
small companies
large companies with some exclusions

Non-Eligible Depositors

credit institutions
financial institutions
investment firms
insurance undertaking
reinsurance undertaking
pension funds
retirement funds
public authorities

Covered Accounts

current accounts
savings accounts
time deposit accounts
cash ISAs
savings bonds

Covered Currencies

all currencies, namely