Safeguard for your money. Deposit protection new.

As a result of the new law concerning deposit protection, ESAEG  (Einlagensicherungs- und Anlegerentschädigungsgesetz), deposits continue to be protected up to EUR 100,000 per customer and bank. In so me cases, even up to EUR 500,000.

We have summarised the key aspects for you:

Which deposits are protected?

  • As in the past, deposits are protected up to EUR 100,000 per customer and bank. This amount also applies to joint accounts per customer.
  • New: In special cases (e.g. disbursement of severance or private real estate purchases), deposit protection is increased to up to
    EUR 500,000, limited to a period of 12 months.
  • New: Also protected are deposits in all foreign currencies.

Who enjoys deposit protection??

  • As in the past, the deposits of basically all customers are protected.
  • New: For commercial customers, the deposits of large corporations and limited liability companies (section 221, paragraph 3,
    of the Austrian Business Enterprise Code (UGB)) will in future be protected as well.

Which accounts enjoy deposit protection?

As in the past, deposit protection applies to

  • Savings accounts and passbooks
  • Payment transaction accounts
  • Securities settlement accounts
  • Home-loan savings accounts


Which accounts do not enjoy deposit protection?

As in the past, not protected are

  • Custodial accounts for securities (are inter alia collateralised up to EUR 20,000 in connection with investor compensation)
  • Deposits by institutional customers, such as banks, insurance companies, investment companies, pension funds
  • Deposits by the Federal Government, states, and municipalities


When does protection come into play?

Deposit protection safeguards you if your savings are no longer disbursed by the bank because 

  • bankruptcy proceedings were initiated
  • court-supervised management was ordered,
  • an order to cease payments was imposed, ort
  • he financial market authority (FMA) has stated that the bank is currently unable to repay deposits when due and that there is currently no prospect that it will be able to do so in the future.


How does disbursement take place when protection comes into play?

  • The compensation payment is normally made without having to request disbursement.
  • In addition to other financial instruments, funds will be available in future for the disbursement.
  • The banks will gradually pay into these funds until 2024.
  • The previous arrangement of shared liability for deposit protection (the Republic of Austria and the relevant bank, in equal shares) no longer applies. However, due to the various financial instruments, the system is strengthened overall.
  • The deadline for disbursement will be gradually reduced from 20 working days to 7 working days by 2024.


Will the savings banks continue to maintain the joint liability scheme?

Yes, the joint liability scheme will remain in place unchanged in addition to deposit protection. In connection with reciprocal  liability agreements, Erste Group Bank AG guarantee the disbursement of  customer deposits beyond the amounts protected by law.

Our customers thus enjoy additional protection exceeding the statutory deposit protection of EUR 100,000.

Moreover, the basic agreement concerning the joint liability scheme,  to which the Austrian savings banks are parties, contains an early-warning system in order to be able to respond rapidly when a savings bank is experiencing economic difficulties.

You can find supplemental information on deposit protection and investor compensation in the “Information sheet for depositors”, as well as online at / There, you can also find the complete text of the ESAEG. 

Information status: July 2015