Deposit Guarantee Scheme

Depositor Information sheet

We, InsingerGilissen, are a Dutch branch office of Quintet Private Bank (Europe) S.A. (hereafter Quintet) and our registered office is in Luxembourg. Quintet holds a banking licence under Luxembourg law and as its Dutch branch office we operate under this banking licence.

The Luxembourg deposit guarantee scheme applies to our bank. This guarantee scheme is identical to the Dutch scheme because the guarantee schemes are harmonised under European law. The main difference is the party that implements the scheme. In our case this is the Fonds de Garantie des Dépôts Luxembourg (FGDL), of which Quintet is a member.

If Quintet were to go bankrupt, your account balances are guaranteed up to a maximum of €100,000 per accountholder, per bank. It makes no difference how many accounts you hold at Quintet. Any accounts you hold at other (foreign) Quintet branch offices will also be included when calculating the compensation.

You will be eligible for reimbursement under the deposit guarantee scheme if: 

• the scheme’s rules apply to us (which is the case); and
• your money can be reimbursed in accordance with the scheme’s rules; and
• you are an accountholder to whom reimbursement may be made under the scheme’s rules.

FREQUENTLY ASKED QUESTIONS

1. What is the deposit guarantee scheme?
   The deposit guarantee scheme aims to protect accountholders at banks. If Quintet were to go bankrupt, under this scheme you would be protected up to a maximum amount.
   
   
2. Who is protected?
   The deposit guarantee scheme applies to almost all natural persons and legal entities with an account at our bank. This goes for adults and minors alike, but also for sole proprietorships and legal entities such as public limited companies, private limited companies or foundations. Please note: if the owner of a sole proprietorship also holds a personal account at our bank, the account balances are added together.
   
   Anyone in a general or limited partnership may also appeal to the deposit guarantee scheme as a natural person.
   
   
3. Who is not protected?
   Financial institutions (such as investment firms and pension funds) are not protected. The same goes for governments and unincorporated enterprises (such as general partnerships and limited partnerships).
   
   Anyone who has not identified themselves in compliance with article 4, paragraph 1 of the Anti-Money Laundering and Anti-Terrorist Financing Act is also not protected.
   
   
4. What is the maximum amount of compensation?
   The scheme guarantees account balances up to a maximum of €100,000 per accountholder, per bank. It makes no difference how many accounts you hold at our bank. In our case, Quintet holds the banking licence and is a member of the Luxembourg deposit guarantee fund (FDGL). Any accounts you hold at other (foreign) Quintet branch offices will also be included when calculating the compensation.
   
   If, for example, you hold €200,000 at Quintet, spread across several accounts and different branch offices, you will receive maximum compensation of €100,000.
   
   If you hold in excess of €100,000, you are an unsecured creditor against the bank’s liquidation assets for the amount above €100,000. This means that you, together with others, still have a claim against the bank’s assets. Whether you are reimbursed depends on the proceeds from the sale of the assets and how many other people also have a claim.
   
   Temporarily higher guarantee when selling a home:
   Do you have money in your account that is directly related to the purchase or sale of a home? In that case, the deposit guarantee scheme guarantees that a maximum of € 2,500,000 of that amount will be repaid to you. This guarantee is temporary and applies no later than twelve months after you have received the deposit of the money in connection with the purchase or sale of the house in your account.
   
   
5. Which branch offices does Quintet have? When determining the amount of compensation, you first need to establish which branch offices and trading names operate under Quintet’s banking licence. Any account balances you hold at these parties are added together to determine the amount of compensation.
   
   In addition to InsingerGilissen as its branch office in the Netherlands, Quintet has branch offices that include Merck Finck (Germany), Puilaetco (Belgium), Quintet España and Quintet Denmark. Quintet also uses different trading names, such as InsingerGilissen Services in the Netherlands.
    
6. Which products/accounts are protected?
   All the payments and savings accounts, cash accounts and term deposits we offer come under the deposit guarantee scheme. Account balances held in a different currency (e.g. GBP or USD) are also covered. Please remember that any compensation will always be paid in euros.
      
7. Which products/accounts are not protected?
   Account balances invested in equities, options, futures and other financial instruments or account balances housed in life insurance policies, pensions and annuities do not come under the deposit guarantee scheme.
   This also applies to subordinated deposits, debt instruments issued by Quintet, virtual currencies and instruments that come under the definition of eligible own funds within the meaning of the Capital Requirements Regulation.
   
   
8. How does the deposit guarantee scheme work for joint accounts? If an account is held in the name of more than one person, each person is eligible separately for compensation under the scheme. The guarantee applies proportionally, unless otherwise stipulated contractually. In the case of a joint account with two accountholders, in principle both will be able to submit a claim for half of the account balance up to a maximum of €100,000 per person.
   
   Example
   Two accountholders have a joint account with a balance of €150,000 and one of them also holds a personal account with a balance of €60,000 at InsingerGilissen. Under the deposit guarantee scheme, the first accountholder will be paid compensation of half of €150,000 (€75,000). The second accountholder has a total claim of €135,000 (half of the balance in the joint account (€75,000) + the balance in the separate account (€60,000)). Under the scheme, he or she will receive maximum compensation of €100,000.
   
   
9. How does the protection work in the case of legal representation?
   If you are acting on behalf of an accountholder, for instance as the parent of a minor, or as a guardian or administrator, you will not be eligible for compensation. The accountholder on whose behalf you are acting is eligible for compensation, however.
   
   
10. How does the protection work if the accountholder is not the beneficiary (e.g. in the case of a trust or inheritance)?
    When an accountholder is not the beneficiary of the balance in the account, the person who is the beneficiary is eligible for compensation, on condition that he or she has identified themselves or is identifiable. Their identity must be established before the scheme can enter into force.
    
    If there are several beneficiaries, they are each eligible separately for compensation under the scheme. The Fonds de Garantie des Dépôts Luxembourg (FGDL) works on the basis of an equal share for each beneficiary, unless otherwise stipulated contractually.
    
    More information can be found on the FGDL website: Deposit guarantee – FGDL
     
11. What do I need to do to receive compensation?
    The deposit guarantee scheme will be activated as soon as Quintet goes bankrupt. In general, the FGDL is obliged to transfer the money to you within seven days of the scheme being activated. This is on condition that you have notified the FGDL of your new bank account number and that the right to compensation has been established and validated. Longer time limits may apply or reimbursement may be delayed in some specific cases.
    
    The FGDL will inform you by post (accompanied by a form requesting specific information, such as your new bank account number) and via its website of the exact procedure that needs to be followed in order to claim compensation from the FGDL.
    
    More information on the FGDL and the protection offered by the scheme can be found in our new Deposit Information Sheet and on the following websites (in English):
    • https://www.fgdl.lu/en/
    • https://www.cssf.lu/en/
    
    
12. Are clients’ debit and credit balances set off against each other?
    Any negative (debit) balances in your (payments) account at our bank will not be set off against your credit balances at our bank. Our claims on you, such as mortgage debt, are in principle not set off against the amount to be paid to you. The exception here is savings-based mortgages. Savings accounts for your own home are set off against the mortgage debt on this property.