The state guarantees on bank deposits of up to 100,000 euro have been extended for four years, until December 31st, 2015. With the decision (23384/27.5/2011) of Greek Finance Ministry the state guarantees bank deposits until December 31st, 2015. The previous state guarantee was due to expire on December 31st of the current year. Tthe extended guarantee was decided by the Secretary.
Ministry of Finance, Elias Plaskovitis.
Under the decision, the deposits will continue to be protected by the Deposit Guarantee Fund and Investment (TEKE) until the limit of 100,000 per depositor per institution, regardless of the number of accounts, currency or country, the branch or the credit institution in which account holders keep their deposits. Additionally, the TEKE covers all investors – customers participating in Cover the Investment (TEKE) credit for investment services, up to an amount of 30,000 euros for all investor requirements – customer, regardless of investment services, account numbers, currency and place of service.
The law provides that TEKE pays compensation to bank account holders should there be any economic problem in the bank institution. TEKE uses direct liquid funds provided by banks. At the end of 2010 the funds amounted to 1.4 billion euro, while total funds managed EUR 2, 97 billion. If the available funds of TEKE, from regular resources are insufficient to pay compensation to depositors and a credit institution is unable to repay deposits, each bank must pay an additional fee, whose amount is determined by the Board Board TEKE.
