Deposit and investor protection
Deposit guarantee and investor protection schemes protect the customers in case of their bank’s failure. Deposits and investors at Skandinaviska Enskilda Banken AB (publ), Luxembourg Branch is protected by the Swedish National Debt Office, Riksgälden Insättningsgarantin.
Your deposit guarantee and investor protection scheme will only be subject to the supervision of the above mentioned regulators. For customers recommended by our Singapore or London international Private Banking offices, the deposit guarantee and investor protection scheme will not be subject to the supervision of the Monetary Authority of Singapore or the UK Financial Conduct Authority.
Basic information about the protection of deposit
|Deposits in Skandinaviska Enskilda Banken AB (publ), Luxembourg Branch, are protected by:||Swedish National Debt Office, Riksgälden Insättningsgarantin (1)|
|Limit of protection:||EUR 100,000 per depositor per credit institution (2)|
|If you have more deposits at the same credit institution:||All your deposits at the same credit institution are ‘aggregated’ and the total is subject to the limit of EUR 100,000 (2)|
|If you have a joint account with other person(s):||The limit of EUR 100,000 applies to each depositor separately (3)|
|Reimbursement period in case of credit institution’s failure:||7 working days (4)|
|Currency of reimbursement:||Euro (EUR)|
|Contact:||Swedish National Debt Office,
SE-103 74 Stockholm
Phone: +46 (8) 613 52 00
(1) Scheme responsible for the protection of your deposit
Your deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your credit institution should occur, your deposits would be repaid up to EUR 100,000.
(2) General limit of protection
If a deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum EUR 100,000 per credit institution. This means that all deposits at the same credit institution are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with EUR 90,000 and a current account with EUR 20,000, he or she will only be repaid EUR 100,000.
In some cases, regarding deposits that are related to certain defined events, such as sale of a private residence, termination of employment, inheritance or insurance claims, deposits are protected above EUR 100,000, up to an amount of EUR 500,000. More information can be obtained under www.insattningsgarantin.se.
(3) Limit of protection for joint accounts
In case of joint accounts, the limit of EUR 100,000 applies to each depositor.
The responsible Deposit Guarantee Scheme is the Swedish National Debt Office, Riksgälden Insättningsgarantin, 103 74 Stockholm, phone: +46 (0)8 613 52 00, e-mail: firstname.lastname@example.org, www.insattningsgarantin.se. It will repay your deposits (up to EUR 100,000) within 7 working days at the latest.
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under www.insattningsgarantin.se.
Other important information
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. The following depositors are not eligible for compensation from the deposit guarantee: banks, credit market institutions, investment companies, insurance companies, reinsurance companies, mutual benefit societies, financial institutions, securities funds and alternative investment funds, pension funds, county councils, municipalities or other government agencies. Additional information regarding exceptions for certain deposits is stated on the website of the responsible Deposit Guarantee Scheme. Your credit institution will also inform you on request whether certain products are covered or not.
Investor Compensation Scheme
Skandinaviska Enskilda Banken AB (publ), Luxembourg Branch, holds customers' securities separately from the bank’s assets, thus such securities will be returned to the customers in the event of bankruptcy.
Investor compensation comes into effect when a financial institution goes bankrupt and it is impossible for a customer to recover his or her securities. Customers of Skandinaviska Enskilda Banken AB (publ), Luxembourg Branch, are protected by the Swedish National Debt Office, Riksgälden Insättningsgarantin. Each customer is entitled to compensation for lost assets up to a value of EUR 20,000 per financial institution. Compensation may also cover cash that the bank has received in conjunction with providing an investment service for which it is accountable. The customer's compensation is calculated based on the market value of the securities in question at the time of bankruptcy.
In case of joint accounts, the limit of EUR 20,000 applies to each customer.
The compensation is not affected by any debts the customer may owe to the financial institution.
Customers claiming compensation must file a claim with the Swedish National Debt Office, Riksgälden Insättningsgarantin within one year of the day of the bankruptcy declaration.
The Swedish National Debt Office, Riksgälden Insättningsgarantin is responsible for investigating the claim as well as the payment of compensation.
Which assets are covered by investor compensation?
Investor compensation covers all types of securities such as shares, bonds, share index bonds, options and forwards.
Which assets are not covered by investor compensation?
Cash deposits on the accounts are generally covered by the deposit guarantee scheme.
More information about the investor compensation scheme is available on the Swedish National Debt Office website under www.insattningsgarantin.se