The entry into force of the law of 18 December 2015 relating to the resolution, recovery and liquidation measures of credit institutions and some investment firms, including deposit guarantee and investor compensation schemes, as amended (the Law of 18 December 2015) brought about changes in the architecture of the deposit guarantee and investor protection schemes in Luxembourg.

As regards the protection of deposits, the Fonds de garantie des dépôts Luxembourg (FGDL) has taken over the functions exercised in the past by the non-profit association Association pour la Garantie des Dépôts, Luxembourg (AGDL). The Law of 18 December 2015 has thus transformed the private ex post financed deposit guarantee scheme into a public scheme, financed ex ante by the member institutions.

However, the FGDL does not cover any possible non-recovery of securities deposited on accounts with a financial institution (or of funds relating to an investment transaction). The functions carried out in the past by the AGDL in the field of investor protection have been taken over by the Système d’indemnisation des investisseurs Luxembourg (SIIL) (Investor Compensation Scheme Luxembourg).

1. DEPOSIT GUARANTEE SCHEME

UniCredit International Bank (Luxembourg) S.A. is a member of FGDL.
The purpose of the FDGL is, in case of failure of a member institution, to ensure compensation of depositors within 7 working days up a to maximum of EUR 100.000 subject to certain conditions and limits. This guarantee is understood to mean per person (natural persons as well as legal entities) and per institution.

Summary of the deposit guarantee scheme:
Deposits in UniCredit International Bank (Luxembourg) S.A. are protected by:	fonds de garantie des dépôts Luxembourg (1) (FGDL)
Limit of protection:	EUR 100,000 per depositor per credit institution (2)
If you have more deposits at the same credit institution:	all your deposits at the same credit institution are ‘aggregated’ and the total is subject to the limit of EUR 100,000 (2)
If you have a joint account with other person(s):	the limit of EUR 100,000 applies to each depositor separately (3)
Reimbursement period in case of credit institution’s failure:	7 working days (4)
Currency of reimbursement:	Euro
Contact:	Fonds de garantie des dépôts Luxembourg 283, route d’Arlon L-1150 Luxembourg Adresse postale: L-2860 Luxembourg Tel.: (+352) 26 25 1-1 Fax: (+352) 26 25 1-2601 E-mail: info@fgdl.lu
More information:

(1) Scheme responsible for the protection of your deposit
Your deposit is covered by a contractual scheme officially recognised as a Deposit Guarantee Scheme. If insolvency of your credit institution should occur, your deposits will be repaid up to EUR 100,000.

(2) Overall limit of protection
If a deposit is unavailable because UniCredit International Bank (Luxembourg) S.A. is unable to meet its financial obligations, depositors are repaid by the FGDL. This repayment covers at maximum EUR 100,000 per credit institution. This means that all deposits at the same credit institution are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with EUR 90,000 and a current account with EUR 20,000, he or she will only be repaid EUR 100,000.
In the cases provided by Article 171 of the Law of the 18 December 2015 the guaranteed deposits can go beyond EUR 100,000, being limited to EUR 2,500,000.

(3) Limit of protection for joint accounts
In case of joint accounts, the limit of EUR 100 000 applies to each depositor.
However, 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, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of EUR 100,000.

(4) Reimbursement
The responsible Deposit Guarantee Scheme is the FGDL, at 283 route d’Arlon, L-2860 Luxemburg, Tel.: (+352) 26 25 1-1, www.fgdl.lu. It will repay your deposits up to EUR 100,000 within 7 working days at the latest.
If you have not been repaid within these deadlines, you should contact the FGDL since the time to claim reimbursement may be barred after a certain time limit.

Other important information:
in general, all retail depositors and businesses are protected through the Fonds de Garantie des dépôts Luxembourg.

There are some exceptions which can be found on the webpage of the FGDL. UniCredit International Bank (Luxembourg) S.A. will inform you, on demand, if some products are covered or not. If your deposits are covered, UniCredit International Bank (Luxembourg) S.A. will confirm it on your account statement.

2. Investor compensation scheme luxembourg

The functions carried out in the past by the AGDL in the field of investor protection have been taken over by the Luxembourg investor compensation scheme: Système d’indemnisation des investisseurs Luxembourg.

UniCredit International Bank (Luxembourg) S.A. adhered to the SIIL.

The SIIL covers investors, physical persons and legal entities within the limits and according to the terms and conditions provided for by the Law of 18 December 2015.

The SIIL provides cover for claims resulting from a credit institution’s inability to:

1. reimburse its investors the funds due to them or belonging to them, held on their behalf and related to investment transactions, in accordance with applicable legal and contractual conditions; or
2. return to investors the instruments belonging to them and held by them, administered or managed on their behalf and related to investment transactions, in accordance with applicable legal and contractual conditions.

Investment transactions made by the same investor are covered up to an amount equivalent to EUR 20,000, whatever their currency or location within the European Union and regardless of the number of accounts held.

In case of joint investment transaction (the term refers to an investment transaction carried out on behalf of at least two people or over which at least two people have rights, and which may be carried out with the signature of a least one of those people) the protection calculation reflects the proportion that is payable to each investor. Unless there are provisions to the contrary, claims are divided equally between the investors.

Investors must be compensated as soon as possible by the SIIL and this within three months of the eligibility and the claim amount being established.