The Scheme shall pay compensation in respect of eligible deposits without a request to the Scheme being necessary within the applicable time period and as soon as reasonably practicable after:
- It is satisfied that the conditions in regulation 10(1) have been satisfied
- It has calculated the amount of compensation due to the depositor
Processing the claim
The applicable time period will be reckoned the day following the compensation date as follows 20 Working days. The Scheme may differ payment of compensation beyond the time period set out above in cases where:
- The deposit is a not active account;
- The amount to be repaid is deemed to be part of temporary high balance.In the case of a temporary high balance, the Scheme shall within three months of the compensation date, pay to the depositor a sum representing the amount due to the depositor in respect of the temporary high balance; or
- The amount to be repaid is to be paid out by the DGS of a host Member State in accordance with the Regulations.
Time for making a claim
Depositors whose deposits were not repaid or acknowledged by the Scheme within the time-limits set out in the Regulations, shall forfeit their claim to repayment of their deposit after the lapse of a peremptory term of two years from the compensation date.