Deposit Guarantee Scheme Update

Dear Client,

We would like to inform you that new regulations relating to the Gibraltar Deposit Guarantee Scheme (GDGS) have been implemented.

What does this mean for you?

Recent regulatory changes have increased the maximum compensation available to clients from €100,000 (approximately £85,000) to £120,000. This adjustment aligns our framework with the updated UK threshold, which now exceeds the EU’s standard minimum level of €100,000.

Additionally, the reimbursement period has been shortened. Eligible payments must now be made within 7 working days, ensuring faster access to funds in the event of a claim.

The GDGS protects depositors in the event of a Credit Institution authorised by the Gibraltar Financial Services Commission (GFSC) being unable to repay depositors. Trusted Novus Bank is covered by this scheme.

For more information, please view the latest GDGS Information Sheet below