The Central Bank Of Ireland (The ‘Central Bank’) Is Seeking The Provision And Implementation Of A Technical Solution For The Deposit Guarantee Scheme (Dgs) System Inclusive Of Licensing, Support And Maintenance (Together The “Solution”). The Deposit Guarantee Scheme (Dgs) Protects Depositors In The Event Of A Bank, Building Society Or Credit Union Authorised By The Central Bank Being Unable To Repay Deposits. The Dgs Is Part Of The Central Bank’S Strategy To Ensure That The Best Interests Of Consumers Of Financial Services Are Protected. The Central Bank Is Responsible For The Administration Of The Irish Deposit Guarantee Scheme (Dgs), Which Compensates Depositors In The Event Of An In-Scope Credit Institution (A “Ci”) Failing. Note: Eligible Deposits That Are Held With Credit Institutions That Are Authorised In Another European Economic Area (Eea) Member State Are Covered By That Country’S Deposit Guarantee Scheme, However The Irish Dgs May Be Required To Issue Payments For Deposits Held At The Irish Branch Of These Cis. Following The Appointment Of A Liquidator To A Ci, The Central Bank Is Obliged To Pay Compensation Of Up To €100,000 Per Eligible Depositor Per Ci To Depositors Who Are Deemed Eligible Under The Rules Of The Scheme. This Payment Must Be Made Within 7 Working Days From The Date Of The Appointment Of A Liquidator. In General, The Dgs Protects Deposits Belonging To Individuals, Companies, Partnerships, Clubs And Associations. In The Event Of A Ci Authorised By The Central Bank Failing And A Liquidator Being Appointed To That Ci, The Dgs Will Be Invoked. Cis Provide Customer Data To The Central Bank By Means Of A Single Customer View File , So That The Central Bank Has Data On Depositors And Deposit Amounts. When The Dgs Is Invoked, The Number Of Depositors And The Eligible Deposit Base Will Be Known In Advance To The Central Bank In All Cases. In Normal Circumstances, It Is Expected That In The Run Up To Any Liquidation Decision, The Central Bank Will Be Able To Assess The Scale Of The Compensation Event And The Quality Of The Data Available. The Overall Opportunity Is To Provide A Fully Managed Solution To The Central Bank To Deliver, Support And Maintain The Solution. Please See Attached Documentation For More Information.
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