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Depositor compensation scheme

Depositor Information Sheet

Dear Customer, we would like to inform you of the Malta Depositor Compensation Scheme in accordance with the Depositor Compensation Scheme, established under regulation 4 of the Depositor Compensation Scheme Regulations, 2015, as amended, of the Laws of Malta, by providing you with the following "information sheet for depositors.'

INFORMATION FORM FOR DEPOSITORS

  • Deposits with Multitude Bank p.l.c. are protected by:
    • Malta Depositor Compensation Scheme (1)
  • Security ceiling:
    • EUR 100,000 per depositor per credit institute (2)
  • If you have several deposits with the same credit institution:
    • All of your deposits with the same credit institution "added up" and the total amount is subject to the upper limit of EUR 100,000 (2)
  • If you have a joint account with one or more other persons:
    • The upper limit of EUR 100,000 applies for each depositor (3)
  • Repayment period in case of failure of a credit institution:
    • 10 working days (4)
  • Currency of the refund:
    • EUR
  • Contact information:
  • Further information

(1) Multitude Bank p.l.c. is a member of the Depositor Compensation Scheme (the ‘Scheme’) established under the Depositor Compensation Scheme, established under regulation 4 of the Depositor Compensation Scheme Regulations, 2015, as amended, of the Laws of Malta.

(2) In case a bank participating in the Scheme is unable to meet its obligations towards depositors or has otherwise suspended payment, the Scheme pays compensation to depositors up to a maximum amount established by law (currently set at a maximum of EUR 100,000)

In any such event, a bank’s net liability to a depositor is the aggregate of all accounts in the name of that depositor, including the depositor’s share in a joint account or a client account up to a maximum of EUR 100,000.

(3) Joint accounts are divided equally between account holders where there is no indication of the share of each holder in the account. In the case of joint accounts, the limit of EUR 100,000 applies to each depositor.

(4) The Compensation Schemes Management Committee shall proceed to pay compensation for verified claims up to €100,000 within 10 working days from 1 January 2021 until 31 December 2023; and within 7 working days from 1 January 2024 onwards days of the date of the determination by the Malta Financial Services Authority that a participant bank is unable to meet its obligations arising from claims by its depositors, or has otherwise suspended payment, or that an order has been made by the Courts of Malta for its winding-up or liquidation. If you have not been repaid within the deadline stated above, you should contact the Depositor Compensation Scheme because the validity period for refund claims may expire after a certain period.

The organization responsible for the Depositor Compensation Scheme is

Depositor Compensation Schemes
c/o Malta Financial Services Authority
Mdina Road, Zone 1, Central Business District Brikirkara, CBD 1010, MALTA
Telephone: +356 2144 1155
Fax: +356 2144 1195
E-mail: [email protected]compensationschemes.org.mt

Further information is available:
on the following website: www.compensationschemes.org.mt
and on the Banks's website: www.multitudebank.com

OTHER IMPORTANT INFORMATION

Exceptions for certain deposits are stated on the website of the responsible Depositor Compensation Scheme. Your Bank will also inform you of whether certain products are covered or not if you request this information.