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HMRC internal manual

Bank Levy Manual

Chargeable equity and liabilities: excluded equity and liabilities: protected deposits: FSCS 'comparable schemes' list

FSCS and ‘comparable schemes’

The fact that a deposit is covered by a comparable scheme does not automatically mean that the whole of the deposit is exempt as a protected deposit. The exempt amount will still follow the rules in paragraph 29 of Schedule 19, and will be the higher of the amount of the deposit insured and the amount of the deposit by reference to which the premium or fee in respect of the scheme is computed.

If the deposit is protected under more than one of the categories, the exempt amount is the highest of the amounts protected.

As at 18 October 2012 HMRC will accept for the purposes of the bank levy that the schemes in the ‘white list’ below are a deposit guarantee scheme that is to be treated as a comparable scheme for the purposes of the bank levy.

It should be noted that the list is evolving and is therefore not exhaustive and the absence of a particular scheme does not signify that the scheme will not be treated as comparable. Banks and advisers are therefore advised to check with HMRC as to the current composition of the list and are also welcome to notify HMRC of any schemes not shown below along with their reasoning why that particular scheme should be included.

For further details and links to the scheme websites, click on the links contained in the list.

While HMRC has accepted that the schemes covered in the list below can be accepted as comparable schemes as at 18 October 2012, this should not be taken as meaning that the presence of a scheme in the list in the future maintains comparable status, or that all banks operating in a particular country contribute to, or are covered by, the scheme.

Schemes are constantly evolving and being updated so it is necessary to check the current position and requirements of a particular scheme to confirm that the scheme remains comparable: the scheme/regulator’s website would usually be a good place to start.

Protected Deposit Schemes

Country Scheme
Albania Albanian Deposits Insurance Agency (ADIA) (web) ()
Argentina Bank Deposit Insurance System (web) ()
Armenia Armenian Deposit Guarantee Fund (web) ()
Australia The Financial Claims Scheme (FCS) (web) ()
Austria Austria has five different schemes:

Einlagensicherung der Banken und Bankiers Gesellschaft m.b.H.

Österreichische Raiffeisen-Einlangensicherung reg. Gen.m.b.H.

Hypo- Haftungsgesellschaft m.b.H.

Sparkassen-Haftungs AG


Schulze-Delitzsch Haftungsgenossenschaft reg.Gen.m.b.H.    
  Azerbaijan Deposit Insurance Fund (web) ()
  Bahrain Deposit Protection Scheme (web) ()
  Bangladesh Deposit Insurance Scheme (web) ()
  Belgium Deposit and financial instrument protection fund (web) ()
  Bosnia & Herzegovina Deposit Insurance Agency (web) ()
  Brazil Credit Guarantor Fund (web) ()
  Brunei Deposit Protection Scheme (web) ()
  Bulgaria Bulgarian Deposit Insurance Fund (BDIF) (web) ()
  Canada Canada Deposit Insurance Corporation (CDIC) (web) ()
  China Chinese Deposit Insurance Act
  Colombia Deposit insurance scheme
  Croatia State Agency for Deposit Insurance and Bank Rehabilitation (web) ()
  Cyprus Deposit Protection Scheme (web) ()
  Czech Republic Czech Republic Deposit Insurance Fund (web) ()
  Denmark Danish Deposit Guarantee Scheme
  Estonia Deposit Guarantee Sectoral Fund (web) ()
  Finland The Deposit Guarantee Fund (web) ()
  France French Deposit Guarantee fund (web) ()
  Germany Germany has six different schemes:

Private Association of German Banks: Deposit Protection Fund

Depositor Compensation Scheme of the Association of German Public Sector Banks GmbH

Deposit-Protection Fund of the Association of German Public Sector Banks e.V.

German Saving Banks Association

National Association of German Cooperative Banks


The German Private Commercial Banks Compensation Scheme for Investors    
  Greece Hellenic Deposit and Investment Guarantee Fund (HDIGF) (web) ()
  Guernsey Guernsey Banking Deposit Compensation Scheme (PDF 1.5MB) ()
  Hong Kong Hong Kong Deposit Protection Board (web) ()
  Hungary National Deposit Insurance Fund of Hungary (NDIF) (web) ()
  Iceland Icelandic Depositors and Investor Guarantee Fund
  India Deposit Insurance and Credit Guarantee Corporation (web) ()
  Indonesia Indonesia Deposit Insurance Corporation (web) ()
  IOM IOM Depositors’ Protection Scheme (web) ()
  Ireland Irish Deposit Protection Scheme (web) ()
  Italy Interbank Deposit Protection Fund (web) ()
  Japan Deposit Insurance Corporation of Japan (web) ()
  Jersey The Jersey Bank Depositors Compensation Scheme (DCS) (web) ()
  Jordan LCY Deposit Insurance (web) ()
  Khazakstan Khazakstan Deposit Guarantee Fund (KDGF) (web) (
  Korea (South) KDIC (Korea Deposit Insurance Corporation) (web) ()
  Latvia Financial and Capital Market Commission of Latvia
  Liechtenstein Liechtenstein Bankers Association
  Lithuania Deposit and Investment Insurance (web) ()
  Luxembourg Deposit Guarantee System (web) ()
  Macau The Deposit Guarantee Scheme
  Macedonia Deposit Insurance Fund (web) ()
  Malaysia Malaysia Deposit Insurance Scheme (web) ()
  Malta Depositor Compensation Scheme (web) ()
  Mexico Institute for the Protection of Banking Savings (IPAB) (web) ()
  Monaco ‘Fonds de garantie des dépôts’ (web) ()
  Montenegro Deposit Protection Fund
  Netherlands Collective guarantee scheme of credit institutions for repayable funds and portfolio investments (web) ()
  Norway Bank Guarantee Fund (web) ()
  Philippines Philippine Deposit Insurance Corporation (PDIC) (web) ()
  Poland Bank Guarantee Fund (web) ()
  Portugal Deposit Guarantee Fund (web) ()
  Romania Bank Deposit Guarantee Fund (web) (?)
  Russia Deposit Insurance Agency (web) ()
  Serbia Deposit Insurance Agency (web) ()
  Singapore Deposit Insurance Scheme (web) ()
  Slovakia Deposit Protection Fund (web) ()
  Slovenia Banka Slovenije (web) ()
  Spain Deposit Guarantee Fund for Banking Institutions (web) ()
  Sri Lanka Sri Lanka Deposit Insurance Scheme
  Sweden Deposit Guarantee Board (web) ()
  Switzerland Deposit Protection of Swiss Banks and Securities Dealers (web) ()
  Taiwan Central Deposit Insurance Corporation (web) ()
  Thailand Deposit Protection Agency Act B.E. 2551 (2008) (web) ()
  Turkey Savings Deposit Insurance Fund (web) ()
  Ukraine Bank Deposit Guarantee Fund (web) (…)
  USA The Federal Deposit Insurance Corporation (FDIC) (web) ()
  Vietnam Deposit Insurance of Vietnam (DIV) (web) (