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
|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.
|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