AI Summary of Article 16 Depositor information
Member States must ensure credit institutions provide depositors, before a deposit contract and thereafter on change and at least every five years, an information sheet in a data‑extractable format (Reg. 2023/2859) identifying the DGS. The sheet must state: basic deposit protection, institution contact, coverage level (EUR or relevant currency), exclusions, joint account limits, repayment period and currency, and DGS identity and website. Depositors must acknowledge receipt; account statements must confirm eligible deposits and reference the sheet. Information must be in the agreed or local official language; advertising use is limited.
Credit institutions must notify DGSs and depositors at least one month before mergers, conversions or changes of DGS membership, explaining the impact; depositors affected by reduced protection may withdraw or transfer eligible deposits up to the lost coverage without penalty within three months. Designated authorities, DGSs and credit institutions must inform depositors of specified administrative determinations and judicial rulings, including online. Electronic provision is required for internet banking unless paper is requested. EBA shall deliver draft implementing technical standards on the sheet's content, format and communications by 11 May 2027 for Commission adoption under Regulation (EU) No 1093/2010.
Article 16 Depositor information
1. Member States shall ensure that credit institutions provide actual and intending depositors with the information those depositors need to identify the DGSs of which the credit institution and its branches are members within the Union. Credit institutions shall provide that information in the form of an information sheet prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859 of the European Parliament and of the Council [Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj).].
1a. Member States shall ensure that the information sheet referred to in paragraph 1 contains all of the following:
(a) basic information about the protection of deposits;
(b) contact details of the credit institution as a first point of contact for information on the content of the information sheet;
(c) coverage level for deposits as referred to in Article 6(1) and (2), denominated in EUR or, where relevant, in another currency;