AI Summary of Article 7 Determination of the repayable amount
Article provides that the Article 6(1) limit applies to aggregated deposits with the same credit institution irrespective of number, currency or Union location. Shares in joint accounts count towards the limit, with equal division absent special provisions. Member States may aggregate accounts of partnership-type groupings as a single depositor. Where the account holder is not absolutely entitled, the absolutely entitled person is covered if identified before the administrative determination or judicial ruling; segregated professional accounts insulated under national law may exclude other deposits from aggregation. DGSs may repay to the account holder for the benefit of, or directly to, the absolutely entitled person.
The reference date for repayment is the date of that administrative determination or judicial ruling; depositor liabilities are not taken into account when calculating the repayable amount unless Member States permit deduction of liabilities due before that date where set‑off is possible and depositors were informed. DGSs may request aggregated eligible-deposit information from credit institutions. Repayment is at par for principal and accrued interest to the reference date, subject to coverage limits. Member States may exclude certain socially purposed, third‑party guaranteed deposits from aggregation (limited to the coverage level). Credit institutions operating under different trademarks must clearly inform depositors that coverage applies to aggregated deposits.
Article 7 Determination of the repayable amount
1. The limit referred to in Article 6(1) shall apply to the aggregate deposits placed with the same credit institution irrespective of the number of deposits, the currency and the location within the Union.
2. The share of each depositor in a joint account shall be taken into account in calculating the limit provided for in Article 6(1).
In the absence of special provisions, such an account shall be divided equally among the depositors.
Member States may provide that deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, may be aggregated and treated as if made by a single depositor for the purpose of calculating the limit provided for in Article 6(1).
3. Where the account holder is not absolutely entitled to the sums held in an account, the person who is absolutely entitled shall be covered by the guarantee, provided that that person has been identified or is identifiable before the date on which a relevant administrative authority makes a determination as referred to in Article 2(1), point (8)(a), or a judicial authority makes a ruling as referred to in Article 2(1), point (8)(b).