Statutory deposit protection. Where the tenancy is an assured shorthold tenancy, the landlord or Agent is legally required to ensure that any tenancy deposit is protected within one of three statutory deposit schemes within 30 days of receipt.
Statutory deposit protection. The Bank is assigned to the Entschädigungseinrichtung deutscher Banken GmbH (“Compensation Scheme of German Banks”) as the institution responsible for the statutory deposit protection of private banks. In accordance with the German Deposit Guarantee Act (Einlagensicherungsgesetz – “XxxXxX”) and subject to the exemptions provided for therein, the statutory deposit protection scheme protects deposits such as credit balances on current accounts, time deposits, savings deposits, savings bonds and registered bonds, up to an equivalent of 100,000 euros per depositor. Not protected are, in particular, deposits of financial firms, public authorities including regional and local authorities, deposits that have arisen in connection with money laundering or terrorist financing, and bearer bonds. Details are set out in XxxXxX, in particular Section 8 thereof.
